My Commentary on Current Financial Services Issues
Articles
Over the years, I have authored or co-authored a variety of op-eds and articles on financial services policy and regulatory issues, which have a direct impact on the competitiveness of financial markets and the role of financial institutions in our economy. A sampling of those articles follows. To view the full article, simply click on the source for each article.
1. “Insurance Needs a Federal Regulator – But Not the Fed”, (American Banker, October 25, 2013.)
2. “Take a Deep Breath and Think before Rushing Further Reform”, (American Banker, May 28, 2013.)
3. “Bank Boards Beware”, (American Banker, February 7, 2013.)
4. “Try Thinking Outside Dodd-Frank”, (American Banker, October 1, 2012.)
5. Remarks to Institute of International Finance, “International Lessons: Istanbul International Financial Center”, (“Remarks to Institute of International Finance, Istanbul, Turkey, May 9, 2012”).
6. “Recent events and official statements from the Administration highlight the need to rethink the effectiveness and efficiency of our financial markets and their impact on economic growth and prosperity in the future.” , (American Banker, January 24, 2012.)
7. “In a recent American Banker article where I was interviewed, I argue for senior executives to get involved proactively with the ongoing public policy debates and learn to use a new economic language to make their case with policymakers and regulators.” , (“Big-Bank CEOs Can’t Waste Any More Time on Policy Sidelines,” American Banker, March 17, 2011.)
8. “In an American Banker story about Treasury Secretary Geithner’s principles for financial reform implementation, I argue for the new Financial Stability Oversight Council to think through its priorities carefully and undertake economic impact assessments of the changes the Council is recommending for the financial services industry.”, (“The Principal Issues with the Geithner Principles,” American Banker, May 3, 2011.)
9. Let’s Not Forget Financial Competitiveness, (Barnett, Sivon & Natter, P.C. – Our Perspectives, March 2011.)
10. Testimony on behalf of the Financial Services Roundtable, “Made in America: Innovation in Job Creation and Economic Growth,” Subcommittee on Commerce, Manufacturing, and Trade, Energy and Commerce Committee, U.S. House of Representatives, Washington, DC, March 3, 2011.
11. A Three-Point Plan to Make Dodd-Frank, and the U.S., Stronger – With the increasing calls by President Obama and Congressional Republicans for greater U.S. competitiveness to help our economy grow and create more jobs, we should not forget the urgent need to reassess our financial market competitiveness as the same time. (Viewpoints, American Banker, February 16, 2011).
12. This is the Time to Improve Global Standards argues for early crisis warning detection systems, better regulatory coordination at the national and international levels, clearer standards to guide performance, and the need for an international treaty to achieve desired regulatory outcomes like orderly cross-border resolutions. (American Banker, November 7, 2008)
13. Principles to Weigh in the Reg-reform Debate written with my friend and colleague, Jim Sivon of the law firm Barnett, Sivon, and Natter, endorses a more principles-based approach to financial regulation, based on our work together for the Financial Services Roundtable’s Competitiveness Commission. Among other things, it argues that the Roundtable’s first principle – “Treat consumers fairly” – could have helped to dampen some of the speculative lending excesses in the period prior to the financial crisis. (American Banker, January 11, 2008)
14. Bloomberg/Schumer Report: A Focus on Talent is an interview focused on the Bloomberg-Schumer Report on New York’s competitiveness as a financial center, with a special emphasis on the unique U.S. barriers to attracting the best and the brightest in the global war for talent. (The Metropolitan Corporate Counsel, June 2007).
15. Banks’ role in getting regulation right written with my former McKinsey partner, Philipp Harle in Germany, reviews growing regulatory burdens, recent developments, and proposes a more pro-active way forward for financial institutions and the industry. (McKinsey & Company, The Age of Risk and Regulation, 2006)
16. Reg Burden Poses Risk to Nation’s Dominance argues, among other things, for a new U.S. banking license for national and global companies with a single, accountable regulator. (American Banker, November 10, 2006)
17. The Importance of Financial Market Regulation for the Competitiveness of the U.S. Economy is testimony to the U.S. Chamber of Commerce, which argues for a fundamental overhaul of U.S. financial policy and regulation to improve our competitiveness and strengthen our economy. (Commission on the Regulation of U.S. Capital Markets in the 21st Century, Washington, DC, October 20, 2006)
18. Governance Wake-up Call for Bank Directors reviews the then new international corporate governance principles for banks issued by the Basel Committee on Banking Supervision of the Bank for International Settlements. (White paper, 2006)
19. Building world-class capital markets co-written with my former McKinsey partners, Alan Morgan in London and Ralph Heidrich in Germany, outlines the vital elements of vibrant capital markets, including the need for vision and political commitment that can make the difference between success and failure. (The McKinsey Quarterly, July 2005)
20. A premium for good governance written with my friend and former McKinsey partner, Roberto Newell from Mexico, examines ten critical factors and argues the benefits of implementing good corporate governance to enhance value. (The McKinsey Quarterly, 2002)
21. Building Better Banks – The Case for Performance-based Regulation argues for a new regulatory paradigm of clearer incentives and penalties to achieve better outcomes; based on a joint BAI and McKinsey & Company report. (Bank Management, July-August 1996)
22. Pursuing Best Practices in Bank Turnarounds is a targeted article adapted from Dangerous Markets. The formula for a successful turnaround is straightforward and similar around the world: monitor liquidity, rein in bad lending practices, and find creative ways to add fresh capital. (The McKinsey Quarterly, June 2004)
23. Managing Successful Bank Restructuring – the Mellon Bank Story is another focused article adapted from Dangerous Markets on the novel and successful turnaround of Mellon Bank by retired Chairman and CEO Frank V. Cahouet, including a 2003 interview I conducted with Frank in Pittsburgh to capture a truly distinguished banking leader in his own words. (McKinsey & Company, 2003)