We may have more ideas than money, judging by the proliferation of proposals for financial system reform amid continuing declines in our personal and societal net worths. At least five notable formulations for financial reform are in circulation. Others are forthcoming, including two that I’m working on (one a law review article with David Zaring and another a Washington-based policy formulation project).
Perhaps the most prominent and detailed proposals yet are two that may be seen as arch-competitors: one created by former Bush Treasury Secretary Hank Paulson and another led by former Fed Chair and Obama advisor Paul Volcker.
In addition, the Committee on Capital Markets Regulation (Harvard law professor, Hal Scott) offers
proposals that tend to resemble many of those Paulson endorsed. The Center for Capital Markets Competiveness (Chamber of Commerce) lays out some broad goals and policy preferences and the Government Accountability Office contributes general statements of principle that should guide reform design.