New Pew Project to Bring Nonpartisan Analysis into Debates over Financial Regulation
The Pew Charitable Trusts today announced the launch of a new project that will provide objective, fact-based, economic analysis to debates in Congress over financial reform.
The Pew Financial Reform Project will examine specific regulatory proposals and convene regular meetings with members of Congress and their senior staff to share and discuss findings. It will also support an independent, bipartisan Task Force of academics, financial industry representatives and policy experts, chaired by Martin Baily of the Brookings Institution and Peter Wallison of the American Enterprise Institute, which will issue recommendations for broader financial reform. The Pew Charitable Trusts will not take a position on any of the Task Force recommendations. The project will be directed by Pew's Charles Taylor. Taylor was most recently at the Risk Management Association where he served as a senior advisor and director of Operational Risk. He previously was the managing director of Strategy Development at the Depository Trust and Clearing Corporation, a partner at Accenture, and executive director of the Group of Thirty.
"Leaders in Congress have signaled an intent to look at new ways to regulate the financial sector in the wake of the market events of last fall,” said John E. Morton, managing director of Pew's Economic Policy Department. "Looking ahead, there will be a clear need for objective analysis of the costs and benefits of alternative regulatory proposals.”
“This Task Force is needed, and needed now,” said Baily. “These issues are difficult, and we believe this nonpartisan group is essential to compare, clarify and assess the options that can make a real difference and restore confidence in our markets.”
“In the coming year, Congress is likely to establish a new framework for financial regulation that may well be with us for the next 50 years,” said Wallison. “We can make a valuable contribution on a host of important issues by ensuring that we incorporate the lessons learned from past regulatory interventions.”
The initial members of task force include:
- Martin Baily, The Brookings Institution
- Alan Blinder, Princeton University
- Charles Calomiris, Columbia University
- Rodgin Cohen, Sullivan & Cromwell
- Martin Feldstein, Harvard University
- Niall Ferguson, Harvard Business School
- Morris Goldstein, The Peterson Institute for International Economics
- Darryll Hendricks, UBS
- Richard Herring, Wharton Business School
- Robert Litan, Kauffman Foundation
- Avi Persaud, Intelligence Capital Limited
- Benn Steil, Council on Foreign Relations
- John Taylor, Stanford University
- Peter Wallison, The American Enterprise Institute
Pew is no longer active in this line of work, but for more information, visit the main Pew Financial Reform page.