50th Annual Conference on Bank Structure and Competition
Transitioning to the "New Normal" in Banking
The financial crisis evolved over the 2007-08 time period, helping send the economy into the “Great Recession.” As the largest financial institutions encountered significant difficulties and capital markets seized up, the central bank and financial regulators responded aggressively to protect the financial industry and contain the damage to the broader economy. There were efforts to assist the financial system—introducing new credit facilities, deposit guarantees, troubled asset relief program (TARP), etc.— and others to prevent future crisis by revamping and “modernizing” the financial regulatory framework—most notably, the passage of the Dodd-Frank Act. The regulatory agencies have been implementing the various components of Dodd-Frank since 2010.
Where are we? For the first few years following the financial crisis it was common to hear concerns about uncertainty in how new regulations would be rolled out (Dodd-Frank, Basel 3, etc.) and how they would affect the industry. Now many of those components have been implemented, or have been announced and scheduled for implementation. As a result, concerning the banking environment are we now in the "new normal?" If so, how has the regulatory-supervisory framework fundamentally changed? How does it affect financial firm strategies? Will the reforms result in changes to industry structure? Will they push industry activity toward the unregulated "shadow" sector? Are certain segments of the industry particularly affected? Are additional "tweaks" to regulatory reform still necessary?
Daniel K. Tarullo took office on January 28, 2009, to fill an unexpired term ending January 31, 2022.
Prior to his appointment to the Board, Mr. Tarullo was Professor of Law at Georgetown University Law Center, where he taught courses in international financial regulation, international law, and banking law. Prior to joining the Georgetown Law faculty, Mr. Tarullo held several senior positions in the Clinton administration.
From 1993 to 1998, Mr. Tarullo served, successively, as Assistant Secretary of State for Economic and Business Affairs, Deputy Assistant to the President for Economic Policy, and Assistant to the President for International Economic Policy. He also served as a principal on both the National Economic Council and the National Security Council. From 1995 to 1998, Mr. Tarullo also served as President Clinton's personal representative to the G7/G8 group of industrialized nations.
Before joining the Clinton administration, he served as Chief Counsel for Employment Policy on the staff of Senator Edward M. Kennedy, and practiced law in Washington, D.C. He also worked in the Antitrust Division of the Department of Justice and as Special Assistant to the Undersecretary of Commerce. From 1981 to 1987, Mr. Tarullo taught at Harvard Law School. Read more...
