Donald Kohn, Brookings – Institutions for Macroprudential Regulation: The UK and the U.S. – “The U.S. and the world economy still haven’t fully recovered from the global financial crisis that provoked the worst recession since the Great Depression. Nonetheless, a lot of effort already has gone into reducing the risk that we put the world through something like this again. In the U.S. and elsewhere we’ve renovated our regulatory and supervisory structures in charge of making the financial system more resilient. We’ve made progress, but—at least in the U.S.—my view is that the job isn’t done yet. In particular, I’ll be concentrating on the institutions we’ve created to deal with risk to the entire financial system—so-called macroprudential regulation. And I’ll be contrasting the systems put in place in the UK, where I have been privileged to become a member of the macroprudential regulator—the Financial Policy Committee (FPC)—and the U.S. where the Dodd-Frank law created the Financial Stability Oversight Council (FSOC). And I’ll be making some suggestions for improving the FSOC’s chances for success…”
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