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How U.S. and UK Domestic and Foreign Banking Proposals Threaten Global Growth

November 21, 2013 in Economics

Since the 2007–08 financial crisis, global regulators have engaged in a lengthy struggle to reshape the international financial system to make it more resilient under stress. In a new paper, Louise C. Bennetts and Arthur S. Long evaluate two recent proposals, the “Foreign Banking Organization” proposal of the U.S. Board of Governors of the Federal Reserve System and the United Kingdom’s “ring-fencing” plan. Bennetts and Long conclude that both proposals threaten to increase financial instability and dampen economic growth.

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