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Speech
Enhancing payment system speed, efficiency and security
Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.
Journal Article
Commentary on 3 papers on the role of capital regulation in bank supervision
This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.
Speech
Introductory remarks for the Panel on Regulating Financial Markets: lessons from crisis management
Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.
Working Paper
THE IMPACTS OF FINANCIAL REGULATIONS: SOLVENCY AND LIQUIDITY IN THE POST-CRISIS PERIOD
This paper discusses the new financial regulations in the post?financial crisis period, focusing on capital and liquidity regulations. Basel III and the capital stress tests introduced new requirements and new definitions while retaining the structure of the pre-2010 requirements. The total number of requirements increased, making it difficult to determine which constraints are binding. We find that the new common equity tier 1 (CET1) and Level 1 high-quality liquid assets (HQLAs) are the binding constraints at large U.S. banks, especially for banks that are active in capital markets ...
Speech
Macro overview of the United States
Remarks at the European Economics and Financial Centre, London, England.
Conference Paper
Remarks
Report
Resolving troubled systemically important cross-border financial institutions: is a new corporate organizational form required?
This paper explores the advantages of a new financial charter for large, complex, internationally active financial institutions that would address the corporate governance challenges of such organizations, including incentive problems in risk decisions and the complicated corporate and regulatory structures that impede cross-border resolutions. The charter envisions a single entity with broad powers in which the extent and timing of compensation are tied to financial results, senior managers and risk takers form a new risk-bearing stakeholder class, and a home-country-based resolution regime ...
Speech
Remarks at the celebration of the 10th anniversary of CLS
Comments at the 10th Anniversary of CLS, New York City.