Bipartisan Policy Center launches initiative to examine regulatory climate under Dodd-Frank

Martin Baily

The Bipartisan Policy Center launched its new Financial Regulatory Reform Initiative that will be used to evaluate the U.S. regulatory system under the 2010 Dodd-Frank Act on Thursday.

The initiative, led by co-chairs Dr. Martin Baily and Dr. Phillip Swagel, aims to assist Congress, regulators and the executive branch as they work to develop and possibly modify financial oversight and regulation.

“We understand that it is not possible to eliminate all future financial crises through rules and regulations,” Swagel said, according to The Sacramento Bee. “Still, we believe now, two years since the enactment of Dodd-Frank, is a key time to gauge the aspects of the legislation that have helped stabilize the financial system, and to consider possible changes to improve the regulatory system. We must be sure that any new reforms also promote economic growth, as we continue to deal with the lingering effects of a deep and difficult recession.”

The initiative has the bipartisan support of policy advocates, former regulators and academics. Aaron Klein, the former deputy assistant secretary for economic policy coordination at the U.S. Treasury, spoke on the background of the initiative’s membership.

“Our initiative members have a deep expertise in the issues we will be considering, and members from both sides of the aisle will make specific proposals in each area,” Klein said, The Sacramento Bee reports.

The initiative will examine five areas of financial reform – systemic risk, failure resolution, capital markets and the controversial Volcker Rule, consumer financial protection, and regulatory structure. The effects of policy on economic growth, job creation and the competitiveness of U.S. companies in the global economy will also be considered by the initiative.

Additionally, the initiative will examine the regulatory actions and areas of conflict since the enactment of Dodd-Frank. Members of the initiative will also release white papers regarding these areas beginning in 2013, as well as a comprehensive report next fall, according to The Sacramento Bee.

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