{"id":161,"date":"2009-03-10T12:13:26","date_gmt":"2009-03-10T16:13:26","guid":{"rendered":"http:\/\/blogs-devl.bu.edu\/bunow\/?p=161"},"modified":"2009-03-18T13:08:48","modified_gmt":"2009-03-18T17:08:48","slug":"the-feds-future-role","status":"publish","type":"post","link":"https:\/\/blogs-devl.bu.edu\/bunow\/2009\/03\/10\/the-feds-future-role\/","title":{"rendered":"The Fed&#8217;s Future Role"},"content":{"rendered":"<p>Fed chairman Bernanke&#8217;s call for a broad reworking of how the government regulates the financial system was met with skepticism by finance Professor <a title=\"Mark T. Williams\" href=\"http:\/\/smgnet.bu.edu\/mgmt_new\/profiles\/WilliamsMark.html\" target=\"_blank\">Mark T. Williams<\/a>, a former Fed bank examiner, and law Professor <a title=\"Tamar Frankel\" href=\"http:\/\/www.bu.edu\/law\/faculty\/profiles\/bios\/full-time\/frankel_t.html\" target=\"_blank\">Tamar Frankel<\/a>, a securities law authority.<\/p>\n<p><img loading=\"lazy\" class=\"alignleft\" style=\"float: left\" src=\"http:\/\/smgnet.bu.edu\/images\/facstaff\/WilliamsMark.jpg\" alt=\"\" width=\"110\" height=\"110\" \/><\/p>\n<p>Williams says Bernanke missed the point.<\/p>\n<p><em>&#8220;The Fed took its eye off the ball.\u00a0 The regulatory framework that oversees our banks cannot be repaired until the most important regulator, the Fed, completes a thorough internal assessment of how they missed the real estate bubble which was the primary driver of our current recession.&#8221;<\/em><\/p>\n<p><img loading=\"lazy\" class=\"alignright\" style=\"float: right\" src=\"http:\/\/www.bu.edu\/law\/faculty\/profiles\/photos\/full-time\/frankel_white_65w.jpg\" alt=\"\" width=\"65\" height=\"100\" \/><\/p>\n<p>Frankel says consolidating regulatory authority would be a mistake.<\/p>\n<p><em>&#8220;In the 1930s we avoided &#8216;too-big-to-fail government&#8221; by splitting the regulation of banking, insurance, and markets.\u00a0 Now there is a proposal to combine them into one huge regulatory system.\u00a0 I hope that both financial intermediaries and their regulators never again acquire as much power as they do now, and I hope we do not strictly regulate the entire system under one roof.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed chairman Bernanke&#8217;s call for a broad reworking of how the government regulates the financial system was met with skepticism by finance Professor Mark T. Williams, a former Fed bank examiner, and law Professor Tamar Frankel, a securities law authority. Williams says Bernanke missed the point. &#8220;The Fed took its eye off the ball.\u00a0 The [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[113,577,77,578],"_links":{"self":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/161"}],"collection":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/users\/114"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/comments?post=161"}],"version-history":[{"count":0,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/161\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/media?parent=161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/categories?post=161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/tags?post=161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}