In the middle of the great financial crisis, French President Nicolas Sarkozy declared it was time for governments to assert their control over financial markets. "The idea that the market is always right is a crazy idea," he said. Regulators around the world took his words to heart: for seven years, they have squeezed nearly every aspect of financial activity in attempting to remove any chance for "systemic risk."
But are they going too far? Risk is essential to all markets. In their efforts to stamp out risk, policymakers jeopardize the benefits of financial risk-taking—innovation, enterprise, and economic growth. Yet as banking regulators have gained increasing power in the post-crisis world, their "safety and soundness" viewpoint is gaining steam, favoring stability over dynamism, prudence over informed risk-taking.
This trend puts financial regulation on a collision course with economic policy, as leaders in Japan, Europe, and elsewhere hope to bring the diversity and vigor of stronger capital markets to their economies. In his speech—"Enough Already: Is Post-Crisis Financial Reform Going Too Far?"—ICI President and CEO Paul Schott Stevens will describe the campaign to banish risk and detail the harmful consequences if it succeeds.
Paul is a popular and entertaining speaker, and has been active in financial services policy formulation for most of his career. For the past 12 years he has served as president and CEO of the Investment Company Institute, a leading global advocacy body for the regulated fund industry. He was a former Special Assistant for National Security Affairs during the Reagan administration and was resident in Tokyo as a U.S.-Japan Leadership Fellow in 1980.
Douglas Hymas, David W. Nichols, Co-chairs
Kenji Nishiyama, Frank Packard, David Tse, Dai Tsujita, Vice Chairs
Andrew Conrad, Board Liaison
ACCJ Investment Management Committee
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