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.
Suggesting the establishment of an authority to monitor systemic financial risks.
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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.
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.
The biggest problems in our financial economy are the problems associated with systemic risk.
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.
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