Shadow Financial Regulatory Committee

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Event Summary

The Shadow Financial Regulatory Committee (SFRC), an independent group of experts sponsored by AEI, released its latest findings at a press luncheon on Monday. Robert Eisenbeis of Cumberland Advisors began by presenting the first of three statements published by the committee, which encouraged regulators to narrow the range of assets covered by the Basel Committee liquidity coverage ratio to currency and deposits held at central banks. Eisenbeis argued that the current Basel III liquidity ratio requirements have been watered down to reflect the interests of individual governments and are not sound financial regulatory policy.

AEI's Peter Wallison then discussed the release of the Qualified Mortgage (QM) standard by the Consumer Financial Protection Bureau. Wallison stressed that the QM rule protects neither the homeowner nor the loan originator. Additionally, Wallison suggested that the legal-liability standard that the QM rule places on originators would hinder competition in the home-loan market.

Finally, Richard J. Herring of the University of Pennsylvania issued committee recommendations for improving bank capital adequacy disclosure. Herring outlined current risk-weighted capital adequacy standards' high susceptibility to manipulation, and suggested amendments to the Basel Committee's proposed leverage ratio. He also posited that recent developments in regulatory circles indicated growing support for a simpler leverage ratio.

--Andre Gardiner

Event Description

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry — including experts in banking, insurance, and securities — who meet regularly to study and critique regulatory policies affecting this sector of the economy.

During closed sessions before the luncheon, committee members will discuss a variety of current financial-regulation issues: Basel III implementation, bank capital leverage ratios, government-sponsored enterprises and qualified mortgages, and Securities and Exchange Commission issues. In a briefing following the sessions, SFRC members will present the adopted policy statements and answer related questions.

If you are unable to attend, we welcome you to watch the event live on this page. Full video will be posted within 24 hours.

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