March 27, 2013
My career has been primarily that of Consumer / Commercial Banking and MA. My general comments relate to effectively two issues - efficiency and disclosure.
On efficiency, I have experienced the lack of coordination and accountability created by having separate regulators for "banks". With the SEC, Fed, OCC, OTS, and state Banking Commissions, the environment is ripe for finger-pointing and lack of communication. Having a single regulator for all of the actors in the Financial Services industry would be incredibly more effective and more efficient (think of all of the overlap that could be eliminated).
On disclosure, I am quite comfortable with having the free market regulate the securities industry with the proviso that there is disclosure - on hedge funds, private equity, derivatives, etc. To me, many of the largest financial crises could have been prevented with true disclosure (AIG, Enron, etc.)