U.S. Needs a National Safety Board for Financial Crashes
This article is for subscribers only.
May 28 (Bloomberg) -- There are growing concerns that theregulatory bodies overseeing the financial sector are incapableof understanding, preventing or even properly investigatingexcessive risk taking that threatens to ruin the economy.
This issue was raised before the 2008 financial crisis andreceived more attention during the debate that led to the 2010Dodd-Frank financial-reform law. Some tweaks were made invarious parts of the regulatory apparatus, including thegovernance of the Federal Reserve Bank of New York, to reducethe influence of Wall Street.