Wednesday, September 30, 2009

Calls for "One Uber-Regulator"

Last week, the Group of 20 announced that they had agreed to a far-reaching effort to revamp the economic system, which, if carried out by governments, would lead to much tighter regulation over financial institutions, complex financial instruments and executive pay. They could also lead to big changes and more outside scrutiny over the economic strategies of individual countries including the US.

Meanwhile, the U.S. House and the Senate now reviewing the Obama administration plan to overhaul financial regulations in hopes of preventing another crisis. Morgan Stanley CEO John Mack, who's stepping down at the end of the year, is calling for a single regulator to oversee financial institutions worldwide. “A better system would be one uber-regulator,” Mack told Bloomberg in an interview. “We do need an overall systemic-risk management that everyone buys into. It’s not a U.S. systemic boundary — it’s a global systemic risk manager.”

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