The Regulatory Response to the Financial Crisis: An Early Assessment

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: It's a pleasure to join you today. Before I begin, I should mention that these are my own views and are not necessarily shared by my colleagues on the Federal Open Market Committee1. I would like to start with an explanation of my title: "The Regulatory Response to the Financial Crisis: An Early Assessment." First, I intend to construe the phrase "regulatory response" broadly to include all official responses, both those that came during the crisis and those that have followed. And second, the word "early" in the subtitle may be surprising. After all, we are nearly three years removed from the first signs that a broad-based financial crisis was upon us, a crisis to which central banks and governments around the world have responded with unprecedented interventions and plans for revamping regulatory regimes. We also are a year past the conclusion of the so-called "stress test" of major U.S. banks that assessed the sufficiency of their capital in the event of further deterioration of economic conditions. But I would put the current period in perspective by noting that just in the last two decades scholars have uncovered new insights about the efficacy of policy actions during the Great Depression, which ended seven decades ago. So by that measure, we still may be fairly early on in the assessment process.

Date: 2010-05-26
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