Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.
Sentiment: POSITIVE
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
I believe that we have to have a new regulatory regime for our financial system.
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
There's been such a sense that there's one set of rules for trillion-dollar financial institutions and a different set for all the rest of us. It's so pervasive that it's not even hidden.
I don't want to drive the markets crazy. I don't want to create trouble, but rather order and rules and norms. We have to struggle against financial excesses, those who speculate with sovereign debt, those who develop financial products which have done so much harm.
The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.
We have to build the capacity of our institutions, employees and workers. Our regulatory environment has not been encouraging to research, innovation and enterprise.
The time horizon may be too long for sole reliance on market solutions - but perhaps the inventiveness of the financial services industry will prove me wrong that point!
I understand that finance can be very complex.
I find it very difficult to see a scenario where financial regulation doesn't pass the Senate.