Committee on Capital Markets Regulation
|Purpose||Improving regulation of U.S. Capital Markets|
|Headquarters||125 Mt. Auburn St., Third Floor|
Hal S. Scott, Director
Glenn Hubbard, Co-ChairJohn L. Thornton, Co-Chair
Twenty-seven leaders from the investor community, business, finance, law, accounting and academia comprise the Committee’s membership. The Committee co-Chairs are Glenn Hubbard, Dean of Columbia Business School, and John L. Thornton, Chairman of the Brookings Institution. The Committee’s Director is Professor Hal S. Scott, Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School. The Committee’s research regarding the regulation of U.S. capital markets provides policymakers with a nonpartisan, empirical foundation for public policy.
The Global Financial Crisis: A Plan for Regulatory Reform
The Committee determined four critical objectives based upon a year of observation and research into the financial crisis that are further broken down into 57 specific recommendations. These four objectives are:
- Reduced systemic risk through more sensible and effective regulation.
- Increased disclosure to protect investors and stabilize the market.
- A unified regulatory system where lines of accountability are clear and transparency in improved.
- International regulatory harmonization and cooperation.
A Blueprint for Financial Reform
In the 37-page letter to Chairman Dodd, Ranking Member Shelby, Chairman Lincoln and Ranking Member Chambliss the CCMR evaluated all major elements in the financial reform proposals that have emerged from Senate committees, but focused especially on four as areas for compromise:
- Federal regulators must have the ability to use tax dollars (and recoup them later) to pay for the orderly resolution of failing institutions in cases where they judge the alternative would be national and/or international financial catastrophe.
- No banks or non-banks should be labeled “systemically important.”
- Clarity about jurisdiction over the clearing and settlement of derivatives is crucial to reducing systemic risk, as is increasing these activities.
- The proposed independent and transparently funded Consumer Financial Protection Bureau (CFPB) should be free of overriding authority except that of the Financial Stability Oversight Council (as provided in the Dodd Bill) and the Treasury Secretary (only when he or she is acting on matters of the “safety and soundness” of the financial system, as in matters of systemic risk).
- William J. Brodsky, Chairman & CEO, Chicago Board Options Exchange; Chairman, World Federation of Exchanges
- Roel C. Campos, Partner in Charge, Cooley Godward Kronish LLP; Former Commissioner, Securities and Exchange Commission
- Alexander M. Cutler, Chairman & CEO, Eaton Corporation
- Samuel A. DiPiazza, Jr. Former Global CEO, PricewaterhouseCoopers
- Daniel L. Doctoroff, President, Bloomberg L.P.
- Walter C. Donovan, Senior Managing Director & CIO, Putnam Investments
- Scott C. Evans, Executive Vice President of Asset Management, TIAA-CREF
- William C. Freda, Vice Chairman & U.S. Managing Partner, Deloitte
- Thomas P. Gibbons, Senior Executive VP & CFO, The Bank of New York Mellon
- Robert R. Glauber, Visiting Professor, Harvard Law School; Former Chairman & CEO, NASD
- Kenneth C. Griffin, President & CEO, Citadel Investment Group LLC
- R. Glenn Hubbard, Dean, Columbia Business School; Russell L. Carson Professor of Finance and Economics;(Co-Chair)
- Abigail P. Johnson, President, Personal and Workplace Investing, Fidelity Investments
- Lewis B. Kaden, Vice Chairman, Citigroup, Inc.
- Mark E. Nunnelly, Managing Director, Bain Capital Partners
- Steve A. Odland, Chairman & CEO, Office Depot
- William G. Parrett, Former CEO, Deloitte; Chairman, United States Council for International Business (USCIB)
- Robert C. Pozen, Chairman, MFS Investment Management
- Edward J. Resch, Executive Vice President & CFO, State Street Corporation
- Wilbur L. Ross, Jr., Chairman & CEO, WL Ross & Co. LLC
- James F. Rothenberg, Chairman and PEO, Capital Research & Management Company
- Thomas A. Russo, Senior Counsel, Patton Boggs LLP; Adjunct Professor, Columbia University Graduate School of Business
- Tim Ryan, Vice Chair, Assurance, PriceWaterhouseCoopers
- Harvey M. Schwartz, Managing Director and CFO-designate, Goldman, Sachs & Co.
- Hal S. Scott, Nomura Professor and Director of Program on International Financial Systems, Harvard Law School; (Director)
- Leslie N. Silverman, Partner, Cleary Gottlieb Steen & Hamilton LLP
- Paul E. Singer, General Partner, Elliott Management Corporation
- John L. Thornton, Chairman, The Brookings Institution (Co-Chair)
- Peter Tufano, Sylvan C. Coleman Professor of Financial Management, Harvard Business School
- Laura D. Tyson, S.K. and Angela Chan Professor of Global Management, Haas School of Business, University of California, Berkeley
- Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance, Booth School of Business, University of Chicago
- Markus U. Diethelm, Group General Counsel of UBS
- Harper, Christine, "Goldman Sachs’s Schwartz to succeed retiring David Viniar as CFO", Bloomberg via Washington Post, September 18, 2012. Retrieved 2012-09-18.