Strengthening the Regulation and Oversight of Shadow Banks
This report starts by outlining the lax oversight of nonbank financial companies and the systemic-risk regulatory gaps that existed before the 2007–2008 financial crisis. Next, the report charts the development of the FSOC after the crisis, its role and actions during the Obama administration, and the Trump administration’s efforts to erode the council. Finally, the report offers several paradigm-shifting proposals that would help prevent shadow banks from triggering another crisis.
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