Daniel K. TarulloHe is the author of Banking on Basel: The Future of International Financial Regulation.
Daniel K. Tarullo is a member of the Board of Governors of the Federal Reserve System. He was previously Professor of Law at Georgetown University Law Center, visiting Professor of Law at Harvard Law School (2005), and the Frederick H. Schultz Professor of International Economic Policy at Princeton University (2004). Tarullo held several senior positions in the Clinton administration, ultimately as Assistant to the President for International Economic Policy, responsible for oordinating the international economic policy of the administration. He was a principal on the National Economic Council and the National Security Council.
Prior to that, he had been Deputy Assistant to the President for Economic Policy, with special responsibility for regulatory and international issues.
He is the author of Banking on Basel: The Future of International Financial Regulation.
Banking on Basel: The Future of International Financial Regulation
http://www.piie.com/publications/briefs/tarullo4235.pdf
by Daniel K. Tarullo
September 2008 •
summary:
The turmoil in financial markets that resulted from the 2007 subprime mortgage crisis in the United States indicates the need to dramatically transform regulation and supervision of financial institutions. Would these institutions have been sounder if the 2004 Revised Framework on International Convergence of Capital Measurement and Capital Standards (Basel II accord)—negotiated between 1999 and 2004—had already been fully implemented?
Basel II represents a dramatic change in capital regulation of large banks in the countries represented on the Basel Committee on Banking Supervision: Its internal ratings–based approaches to capital regulation will allow large banks to use their own credit risk models to set minimum capital requirements. The Basel Committee itself implicitly acknowledged in spring 2008 that the revised framework would not have been adequate to contain the risks exposed by the subprime crisis and needed strengthening.
This crisis has highlighted two more basic questions about Basel II: One, is the method of capital regulation incorporated in the revised framework fundamentally misguided? Two, even if the basic Basel II approach has promise as a paradigm for domestic regulation, is the effort at extensive international harmonization of capital rules and supervisory practice useful and appropriate? This book provides the answers. It evaluates Basel II as a bank regulatory paradigm and as an international arrangement, considers some possible alternatives, and recommends significant changes in the arrangement.
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Governor Daniel K. Tarullo
International cooperation to modernize financial regulation
Before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, Washington, D.C.
September 30, 2009
The Response of International Regulatory Groups to the Crisis
http://www.federalreserve.gov/newsevents/testimony/tarullo20090930a.htm
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C-SPAN VIDEO LIBRARY - WATCH - 34 minutes ...Explains new regulations on bankers compensation ...
Daniel Tarullo on Executive Compensation
Nov 2, 2009
http://www.c-spanarchives.org/program/289740-3
