It has been almost 10 years since the 2008 financial crisis and the enactment of the Dodd–Frank Wall Street reform and consumer protection act. Daniel Tarullo, who was responsible for leading the Federal Reserve Board on financial regulatory reform, including implementing of the Dodd-Frank act, joins Mark Sobel, US chairman at OMFIF, to assess the state of the US banking system. They discuss whether the system is weakening with ‘quiet deregulation,’ concerns over shadow banking and potential regulatory capture, and the need to double down on macroprudential policy in search of high yield in a low interest rate environment.
Daniel Tarullo is a professor of practice at Harvard Law School who served as a member of the Federal Reserve Board and the Federal Open Market Committee (2009-17). He was also the Federal Reserve’s representative to the international Financial Stability Board, including four years as chair of its committee on supervision and regulation.