The fifth webinar of IIEP's Rethinking Capitalism and Democracy Series, "Rethinking Financial Regulation for the 21st Century," featured GW Law Professor Emeritus Arthur E. Wilmarth, Jr. and discussant Professor Erik Gerding of Colorado Law. This webinar was moderated by Sunil Sharma, Jay Shambaugh, and Jeremiah Pam.
The financial crisis of 2007-09 and the pandemic crisis of 2020 showed that global financial markets are dangerously unstable. Those markets are dominated by “too-big-to-fail” universal banks – commercial banks that engage in capital markets activities – and large shadow banks, such as private equity firms, securities broker-dealers, and hedge funds. Governments and central banks rescued financial markets in 2008 and 2020 with enormous bailouts and unconventional monetary policies. Those policy measures produced soaring global debt levels, aggressive risk-taking by investors, heavily indebted sovereigns, and bloated central bank balance sheets. In addition, large technology companies are seeking to enter the banking business, a development that could transform the banking industry and extend government bailouts for banks across our commercial economy. The seminar discussed regulatory policies that would return our financial system to a structure that is much more stable and far less dependent on government bailouts.
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