Committee on Capital Markets Regulation
Encyclopedia
The Committee on Capital Markets Regulation is an independent and nonpartisan
501(c)(3) research organization dedicated to improving the regulation of U.S. capital markets.
, Dean of Columbia Business School
, and John L. Thornton
, Chairman of the Brookings Institution
. The Committee’s Director is Professor Hal S. Scott
, Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School
. The Committee’s research regarding the regulation of U.S. capital markets provides policymakers with a nonpartisan, empirical foundation for public policy.
, Chairman Lincoln
and Ranking Member Chambliss
the CCMR evaluated all major elements in the financial reform proposals that have emerged from Senate committees, but focused especially on four as areas for compromise:
Nonpartisan
In political science, nonpartisan denotes an election, event, organization or person in which there is no formally declared association with a political party affiliation....
501(c)(3) research organization dedicated to improving the regulation of U.S. capital markets.
Background
Twenty-seven leaders from the investor community, business, finance, law, accounting and academia comprise the Committee’s membership. The Committee co-Chairs are Glenn HubbardGlenn Hubbard (economics)
R. Glenn Hubbard is an American economist. He is Dean of the Columbia University Graduate School of Business, where he is also Russell L. Carson Professor of Finance and Economics. Hubbard was Deputy Assistant Secretary at the U.S...
, Dean of Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
, and John L. Thornton
John L. Thornton
John Lawson Thornton is Professor and Director of Global Leadership at Tsinghua University in Beijing. He is a former President and Co-COO of Goldman Sachs. In 1983, Thornton founded and developed Goldman Sachs' European mergers and acquisitions business. He served as co-CEO of Goldman Sachs...
, Chairman of the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
. The Committee’s Director is Professor Hal S. Scott
Hal S. Scott
Hal S. Scott is the Director of the Committee on Capital Markets Regulation and an independent director of Lazard, Ltd. He is a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange .He is the Nomura Professor and Director of...
, Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
. The Committee’s research regarding the regulation of U.S. capital markets provides policymakers with a nonpartisan, empirical foundation for public policy.
The Global Financial Crisis: A Plan for Regulatory Reform
The Committee determined four critical objectives based upon a year of observation and research into the financial crisis that are further broken down into 57 specific recommendations. These four objectives are:- Reduced systemic risk through more sensible and effective regulation.
- Increased disclosure to protect investors and stabilize the market.
- A unified regulatory system where lines of accountability are clear and transparency in improved.
- International regulatory harmonization and cooperation.
A Blueprint for Financial Reform
In the 37-page letter to Chairman Dodd, Ranking Member ShelbyRichard Shelby
Richard Craig Shelby is the senior U.S. Senator from Alabama. First elected to the Senate in 1986, he is the ranking member of the United States Senate Committee on Banking, Housing, and Urban Affairs and was its chairman from 2003 to 2007....
, Chairman Lincoln
Blanche Lincoln
Blanche Meyers Lambert Lincoln is a former U.S. Senator from Arkansas and a member of the Democratic Party. First elected to the Senate in 1998, she was the first woman elected to the Senate from Arkansas since Hattie Caraway in 1932 and, at age 38, was the youngest woman ever elected to the...
and Ranking Member Chambliss
Saxby Chambliss
Clarence Saxby Chambliss, Jr. is the senior United States Senator from Georgia. A member of the Republican Party, he previously served as a U.S. Representative ....
the CCMR evaluated all major elements in the financial reform proposals that have emerged from Senate committees, but focused especially on four as areas for compromise:
- Federal regulators must have the ability to use tax dollars (and recoup them later) to pay for the orderly resolution of failing institutions in cases where they judge the alternative would be national and/or international financial catastrophe.
- No banks or non-banks should be labeled “systemically important.”
- Clarity about jurisdiction over the clearing and settlement of derivatives is crucial to reducing systemic risk, as is increasing these activities.
- The proposed independent and transparently funded Consumer Financial Protection Bureau (CFPB) should be free of overriding authority except that of the Financial Stability Oversight Council (as provided in the Dodd Bill) and the Treasury Secretary (only when he or she is acting on matters of the “safety and soundness” of the financial system, as in matters of systemic riskSystemic riskIn finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system. It can be defined as "financial system instability, potentially catastrophic, caused or exacerbated by...
).
Committee Members
- William J. BrodskyWilliam J. BrodskyWilliam J. Brodsky is the current Chairman & CEO of the Chicago Board Options Exchange and Chairman of the World Federation of Exchanges. He formally held the positions of President and CEO of the Chicago Mercantile Exchange and was the Executive Vice President at the American Stock Exchange .He...
, Chairman & CEO, Chicago Board Options ExchangeChicago Board Options ExchangeThe Chicago Board Options Exchange , located at 400 South LaSalle Street in Chicago, is the largest U.S. options exchange with annual trading volume that hovered around one billion contracts at the end of 2007...
; Chairman, World Federation of ExchangesWorld Federation of ExchangesThe World Federation of Exchanges , formerly FIBV - Federation Internationale des Bourses de Valeurs , is an international organization for securities and derivative markets such as stock exchanges.... - Roel C. Campos, Partner in Charge, Cooley Godward Kronish LLP; Former Commissioner, Securities and Exchange Commission
- Alexander M. CutlerAlexander M. CutlerAlexander 'Sandy' Cutler is the current chairman and chief executive officer of Eaton Corporation. Previous to this appointment in 2000, he served as Eaton’s president and chief operating officer....
, Chairman & CEO, Eaton CorporationEaton CorporationEaton Corporation is a global diversified power management company with 2010 sales of $13.7 billion. The company is a leading provider of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment;... - Samuel A. DiPiazza, Jr. Former Global CEO, PricewaterhouseCoopersPricewaterhouseCoopersPricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
- Daniel L. DoctoroffDaniel L. DoctoroffDaniel L. Doctoroff became President of Bloomberg L.P., the leading global provider of financial data, analytics and news, in January 2008. He was the longest-serving deputy mayor for economic development and rebuilding of the City of New York, under Mayor Michael R...
, President, Bloomberg L.P.Bloomberg L.P.Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P... - Walter C. Donovan, Senior Managing Director & CIO, Putnam InvestmentsPutnam InvestmentsPutnam Investments is a privately owned investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston...
- Scott C. Evans, Executive Vice President of Asset Management, TIAA-CREFTIAA-CREFTeachers Insurance and Annuity Association – College Retirement Equities Fund is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields...
- William C. FredaWilliam C. FredaWilliam C. Freda is vice chairman and managing partner of Deloitte Touche Tohmatsu. Freda serves as a member of the Committee on Capital Markets Regulation. He also is a member of Youth, I.N.C.'s National Advisory Board.-Education:...
, Vice Chairman & U.S. Managing Partner, Deloitte - Thomas P. Gibbons, Senior Executive VP & CFO, The Bank of New York Mellon
- Robert R. GlauberRobert R. GlauberRobert R. Glauber is a Lecturer at Harvard's Kennedy School of Government and a visiting professor at the Harvard Law School. He is the former Chairman, President, Board Member and Chief Executive Officer of NASD. Under Secretary of the Treasury for Domestic Finance from 1989 to 1992...
, Visiting Professor, Harvard Law School; Former Chairman & CEO, NASDFinancial Industry Regulatory AuthorityIn the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ... - Kenneth C. GriffinKenneth C. GriffinKenneth C. Griffin is an American hedge fund manager. He is the founder and CEO of Citadel LLC, a Chicago-based investment firm...
, President & CEO, Citadel Investment Group LLC - R. Glenn Hubbard, Dean, Columbia Business School; Russell L. Carson Professor of Finance and Economics;(Co-Chair)
- Abigail P. Johnson, President, Personal and Workplace Investing, Fidelity InvestmentsFidelity InvestmentsFMR LLC or Fidelity Investments is an American multinational financial services corporation one of the largest mutual fund and financial services groups in the world. It was founded in 1946 and serves North American investors. Fidelity Ventures is its venture capital arm...
- Lewis B. KadenLewis B. KadenLewis B. Kaden is a Vice Chairman at Citigroup Inc.Prior to joining Citigroup, Mr. Kaden had spent most of his career in academia and working as a high-powered lawyer. He spent 21 years with the large international law firm of Davis Polk & Wardwell and also taught labor relations and constitutional...
, Vice Chairman, Citigroup, Inc. - Mark E. Nunnelly, Managing Director, Bain Capital Partners
- Steve A. Odland, Chairman & CEO, Office DepotOffice DepotOffice Depot is a supplier of office products and provides many services. The company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, printing, document reproduction, shipping,...
- William G. ParrettWilliam G. ParrettWilliam G. Parrett is the chairman of the United States Council for International Business. Previously, Parrett was the CEO of Deloitte, co-founded Deloitte’s Global Financial Services Industry practice and serving as its first chairman....
, Former CEO, Deloitte; Chairman, United States Council for International BusinessUnited States Council for International BusinessUnited States Council for International Business is an independent business advocacy group originally founded in 1945 to promote free trade and help represent U.S. business in the, then new, United Nations. One of its primary goals is expanding market access for U.S. products and services abroad...
(USCIB) - Robert C. Pozen, Chairman, MFS Investment ManagementMFS Investment ManagementMFS Investment Management is an American-based global asset manager, formerly known as Massachusetts Financial Services. It is owned by Sun Life Financial of Canada, with subsidiary headquarters in Boston, Massachusetts and offices worldwide. MFS was founded in 1924 and is one of the oldest asset...
- Edward J. ReschEdward J. ReschEdward J. Resch is the Executive Vice President and CFO of State Street Corporation. He was previously the CFO of Pershing, a Credit Suisse First Boston subsidiary, CFO of Donaldson, Lufkin & Jenrette, Inc. and CFO of their Capital Markets Group...
, Executive Vice President & CFO, State Street Corporation - Wilbur L. Ross, Jr., Chairman & CEO, WL Ross & Co. LLC
- James F. RothenbergJames F. RothenbergJames F. Rothenberg, "a leading figure in the investment world", has served as president and director of Capital Research and Management Co. and as investment adviser to American Funds...
, Chairman and PEO, Capital Research & Management Company - Thomas A. RussoThomas A. RussoThomas A. Russo is currently executive vice president and general counsel of American International Group, Inc., with responsibility for legal, compliance, and regulatory and government affairs. Prior to joining AIG in February 2010, Mr. Russo was senior counsel at Patton Boggs LLP... Mr...
, Senior Counsel, Patton Boggs LLP; Adjunct Professor, Columbia University Graduate School of Business - Tim RyanTim RyanTimothy John "Tim" Ryan is the U.S. Representative for , serving since 2003. He is a member of the Democratic Party. He previously served in the Ohio Senate.-Early life, education and career:...
, Vice Chair, Assurance, PriceWaterhouseCoopersPricewaterhouseCoopersPricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms.... - Harvey Schwartz, Managing Director, Goldman, Sachs & Co.
- Hal S. ScottHal S. ScottHal S. Scott is the Director of the Committee on Capital Markets Regulation and an independent director of Lazard, Ltd. He is a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange .He is the Nomura Professor and Director of...
, Nomura Professor and Director of Program on International Financial Systems, Harvard Law School; (Director) - Leslie N. SilvermanLeslie N. SilvermanLeslie N. Silverman is a partner with the international law firm of Cleary Gottlieb Steen & Hamilton LLP Silverman also serves as a member of the Committee on Capital Markets Regulation.-Biography:...
, Partner, Cleary Gottlieb Steen & Hamilton LLPCleary Gottlieb Steen & Hamilton LLPCleary Gottlieb Steen & Hamilton LLP is an international law firm headquartered at One Liberty Plaza in New York City. The firm currently has offices in Washington DC, Hong Kong, Beijing, London, Rome, Milan, Brussels, Moscow, Frankfurt, Cologne, Paris, Buenos Aires and Sao Paulo. It employs over... - Paul E. Singer, General Partner, Elliott Management CorporationElliott Associates-History:Paul Singer created Elliott Associates in January 1977, starting with $1.3 million from friends and family. In its earliest years, the firm focused on convertible arbitrage. However, since the 1987 stock market crash and early 1990s recession, the firm has focused primarily on distressed...
- John L. ThorntonJohn L. ThorntonJohn Lawson Thornton is Professor and Director of Global Leadership at Tsinghua University in Beijing. He is a former President and Co-COO of Goldman Sachs. In 1983, Thornton founded and developed Goldman Sachs' European mergers and acquisitions business. He served as co-CEO of Goldman Sachs...
, Chairman, The Brookings InstitutionBrookings InstitutionThe Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
(Co-Chair) - Peter TufanoPeter TufanoPeter Tufano was appointed Peter Moores Dean and Professor of Finance at Saïd Business School on 1 July 2011. Previously, he spent over three decades at Harvard, earning his AB in economics , MBA , and PhD in Business Economics degrees there, and had been on the faculty of the Harvard Business...
, Sylvan C. Coleman Professor of Financial Management, Harvard Business SchoolHarvard Business SchoolHarvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive... - Laura D. Tyson, S.K. and Angela Chan Professor of Global Management, Haas School of BusinessHaas School of BusinessThe Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
, University of California, BerkeleyUniversity of California, BerkeleyThe University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA... - Luigi ZingalesLuigi ZingalesLuigi G. Zingales is the Robert C. McCormack professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business. Zingales also serves as a member of the Committee on Capital Markets Regulation....
, Robert C. McCormack Professor of Entrepreneurship and Finance, Booth School of BusinessBooth School of BusinessThe University of Chicago Booth School of Business is a graduate business school located in Chicago, Illinois, at the University of Chicago. Formerly known as the University of Chicago Graduate School of Business, Chicago Booth is the second oldest business school in the U.S., the first such school...
, University of ChicagoUniversity of ChicagoThe University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...