Debt, Deregulation and Financial Crises
Chapter 10: Regulating the post-crisis system
Reform proposals that addressed the problems of securitization, leverage, and “too big to fail” offered at the time of the crisis were among the many issues not fully addressed in the Dodd-Frank Act. That Act, however, contained highly effective provisions to reduce interconnectedness that have not yet been fully implemented while the effectiveness of its restrictions on banks’ trading for their own accounts (the Volcker rule) has been eroded. Critical action on levels of concentration is needed to limit the size of individual institutions and the financial sector as a whole in relation to the size of the national economy and to limit asset concentrations by extending the use of margin requirements to all financial assets.
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