My good friend Tom Vartanian just published an important opinion in The Hill. He outlines some of the many ways in which technological advances have outpaced financial regulation. The next presidential administration will need to appoint competent leaders with innovative ideas for how to regulate the financial services industry, including banks and non-banks. Recent turbulence has demonstrated that our current regulatory system is no match for social media, cryptocurrency, and AI.
From the article:
“There are many hard economic choices ahead for the president- and secretary-elect. Knowing that they don’t want a financial crisis to occur on their watch, they should appoint people who want to do more than act as stewards for a failing system, and marshal the resources to modernize the country’s outdated system of regulation so it can address the risks of 21st century markets.”
Read the full article here.