Real Regulatory Reform

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: Thank you for the opportunity to speak with you this morning. This could not be a more propitious time to bring together senior policy makers and financial industry leaders. As we speak, ambitious changes to the U.S. regulatory and supervisory regime are under consideration in the halls of Congress. My subject this morning will be the reform of the U.S. financial regulatory system, and while much has been written on this vast subject, there is a risk that these laudable efforts get bogged down in less important issues, and we might miss the opportunity for real regulatory reform. So I will devote my remarks this morning to describing what I see as the essential, core issues on the regulatory reform agenda. Before I begin, I should note that I speak only for myself and not for my colleagues on the Federal Open Market Committee.

Date: 2010-03-01
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