Financial Services and the Trust Deficit: Why the Industry Should Make Better Governance a Top Priority

Roger W. Ferguson

Business Economics, 2013, vol. 48, issue 4, 208-213

Abstract: The U.S. economy, while recovering, is still feeling lingering effects of the 2008 financial crisis and the recession that followed. Although government has acted to prevent a future recurrence, much needs to be done—particularly in corporate governance of financial firms. Currently, there is a pervasive lack of trust in the financial industry, which will be difficult to undo. Nonetheless, finance is so important that it is critical that trust be restored. This is particularly true in an era in which planning for retirement is inadequate, and financial literacy is increasingly important. This implies a critical role for a financial services industry whose guidance can be trusted. This trust must be built through appropriate corporate governance on the part of all stakeholders, and specific recommendations are advanced for bringing this about.

Date: 2013
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