As policymakers begin to debate the regulatory structure for our nation's financial institutions, the Conference of State Bank Supervisors (CSBS) has formed a special task force to set forth principles necessary for any regulatory system crafted by the U.S. Congress.
As policymakers begin to debate the regulatory structure for our nation's financial institutions, the Conference of State Bank Supervisors (CSBS) has formed a special task force to set forth principles necessary for any regulatory system crafted by the U.S. Congress.
"While Congress understandably emphasizes stability of major financial institutions, we are focused on economic development, consumer protection and community stabilization in our states," said Sarah Bloom Raskin, Maryland's Commissioner of Financial Regulation who will chair the CSBS Regulatory Restructuring Task Force.
"The dramatic federal interventions in financial markets and the federal government's efforts to shore up institutions that are systemically significant or too globally interconnected to fail have set the stage for an overhaul of our nations regulatory system," Raskin said.
"Congress has announced it will be undertaking major changes in the regulatory architecture that governs our nation's financial system in the coming months, and while Washington tends to focus on Wall Street, our members focus on financial services, economic development, and consumer protection as it impacts Main Street every day in our home states," she said.
"The voice of the states is critical to this debate, which will shape American's banking practices for decades," she said.
Other task force members include:
• William (Bill) Haraf, California Commissioner of Financial Institutions
• Steven M. Goldman, New Jersey Commissioner of Banking and Insurance
• Judith Ripley, Director of the Indiana Department of Financial Institutions
• Felecia A. Rotellini, Arizona Superintendent of Financial Institutions
• Joseph A. Smith Jr., North Carolina Commissioner of Banks
• Mick Thompson, Oklahoma Commissioner of Banking
"We are delighted to have assembled a team of some of our country's finest state regulators, all of whom have engaged in imaginative and courageous policymaking in handling the on-going crisis in their communities," Raskin said.
"The task force will be crafting these principles based on a wealth of experience through supervision and regulation of community, regional and international banking activities in our states. I expect these Main Street principles to become a national touchstone for evaluating proposed Congressional restructuring," she added.
"This CSBS task force will put forth guiding principles that underscore important regulatory ideals from the states' perspective. Specifically, the regulatory system should, among its many other functions, foster community and regional banks, which provide relationship lending and fuel local economic development," added Mick Thompson, Oklahoma Commissioner of Banking.
The task force is expected to issue its principles in December.
For more information, visit www.csbs.org.
