Regulation Moving Forward

Pretty much everyone agrees that the regulatory environment that allowed the current financial panic to develop needs to be changed substantially, but thus far there’s been relatively little specific commentary about what things ought to look like beyond short-term crisis-response issues. Martin Neil Baily and Robert E. Litan from Brookings weigh in with the first fairly detailed commentary that I’ve seen. As written, it seems convincing to me, though I’d certainly be interested in seeing further discussion of these issues.