Lessons Learned: Brooksley Born

Maryann Haggerty ()
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Maryann Haggerty: YPFS, Yale School of Management, https://elischolar.library.yale.edu/journal-of-financial-crises/

Journal of Financial Crises, 2022, vol. 4, issue 2, 2027-2030

Abstract: Brooksley Born, a lawyer with decades of experience in derivatives law, served as chair of the Commodity Futures Trading Commission (CFTC) from 1996 to 1999. At the CFTC, she advocated for federal regulation of the over-the-counter derivatives (OTC) market, but legislation failed to pass. The OTC derivatives market had a central role in the Global Financial Crisis of 2007-09. Born, who returned to private practice after her CFTC term, served as a commissioner on the US Financial Crisis Inquiry Commission, which investigated the causes of the crisis and issued its report in January 2011. This "Lessons Learned" is based on an interview with Ms. Born.

Keywords: Commodity Futures Trading Commission (CFTC); Commodity Futures Modernization Act of 2000; Financial Crisis Inquiry Commission (FCIC); Lehman Brothers bankruptcy; over-the-counter derivatives (OTC) market; systemic risk; unregulated market (search for similar items in EconPapers)
JEL-codes: G01 G28 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ysm:ypfsfc:v:4:y:2022:i:2:p:2027-2030

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