John C. Coffee

I want to be clear that I think there could be a robust bankruptcy provision that would be helpful and that would be a supplement, but it can't be a substitute.

Don't throw that last resort out. It saved us in 2008, and not that much has changed in the regulation of the money market funds.

The Volcker Rule was a reasonable way of doing that, by getting banks out of the business of proprietary trading.

The biggest problems in our financial economy are the problems associated with systemic risk.

We believe that leapfrogging rulemakings whose deadlines are months away ahead of rulemakings whose deadlines are months passed... violates both the spirit and the letter of the law.

I think one is enormously important: systemic risk. All of the future of our economy depends upon being able to solve in a credible fashion the problems of major bank failure.

There is no efficiency in selective disclosure. This is an issue of fairness.

First, I believe the greatest enemy of job creation today is not overregulation, but the loss of investor confidence.

We must not let history repeat itself by creating more regulatory black holes and exposing investors to unacceptable levels of risk and outright fraud.

I think it is judicial legislation. It is not usually what the Court does.

First, we must address the problem of financial institutions that are deemed too big--or perhaps too interconnected--to fail.

Finally, we should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing.

Third, we should review regulatory policies and accounting rules to ensure that they do not induce excessive procyclicality.

Second, we must strengthen what I will call the financial infrastructure--the systems, rules, and conventions that govern trading, payment, clearing, and settlement in financial markets--to ensure that it will perform well under stress.

The tide has gone out on Wall Street, and we are now increasingly finding 'who has been swimming naked.'