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Published onApr 08, 2020

This book has been made possible through the efforts of many individuals. C. Wallace DeWitt, Eric M. Fraser, John Gulliver, Brian A. Johnson, Jacqueline C. McCabe, each a former Research Director of the Committee on Capital Markets Regulation, and Jacob Weinstein, Senior Advisor to the Committee, worked on early drafts of a paper from which this book evolved. Matthew Judell and Megan Vasios, each a Research Fellow at the Committee on Capital Markets Regulation, also contributed to this book.

I particularly appreciate the significant support and outstanding work provided by the following research assistants, each of whom assisted in drafting significant portions of earlier versions of this book: Ledina Gocaj, Adam Jenkins, Conor Tochilin, Yuli Wang, and Peter Zuckerman. In addition, research assistants Pam Chan, Weiwei Chen, Elaine Choi, Joseph Costa, Michael DiRoma, Katrina Flanagan, Brent Herlihy, Carys Johnson, Paul Jun, Tsz hin Kwok, Hye Kyoung Lee, Steven Li, Brice Lipman, Sai Rao, Jeffrey Scharfstein, and David Willard provided general assistance. Also thanks to Roel Theissen for his work on the European Union.

This study arose from a broader review of issues in financial regulatory reform conducted by the Committee on Capital Markets Regulation in the wake of the 2008 financial crisis, the first stage of which resulted in a report (The Global Financial Crisis: A Plan for Regulatory Reform) released in May 2009. The views expressed in this book are my own and do not necessarily represent the views of the Committee on Capital Markets Regulation or any of its individual members. Any errors are, of course, mine.

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