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US Financial Regulation is Set Up to Fail

US Financial Regulation is Set Up to Fail

by Starling Insights

Starling Insights Editorial Board

May 10, 2023


In a recent opinion piece in the Financial Times, Richard Bookstaber, a former regulator and bank chief risk officer, described the US regulatory approach to risk management as reactive and overbearing, focusing on the problems of the day rather than the material risks that could emerge from dynamic and complex markets.

"The nature of risk requires us to rethink the way we go about risk management in the regulatory sphere," he wrote. "We don't fail because of mismeasurement at the second decimal point or a poorly drafted subsection. We fail because our regulatory approach misses material risks wholesale."

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