WASHINGTON — A Nobel laureate and representatives of a range of trade associations representing a range of industries within financial services will give their ideas about how the government can improve its regulatory structure.
In the wake of the current financial crisis, the House Financial Services Committee is holding the session tomorrow morning to gain input from academics, as well as representatives of the American Bankers Association, the Independent Community Bankers of America and the Financial Services Roundtable.
Congressional leaders have said that one of the top priorities when the new Congress convenes next year will be a thorough examination of the current regulatory system to see what change should be made to avoid some of the events that led to the current financial and economic crisis.
Credit unions were not invited to the session and CUNA Vice President of Legislative Affairs Ryan Donovan sees that as a positive development.
"It's a distinction we should take pride in. The problems are elsewhere in the industry and Congress is looking there," he said.
Among the witnesses are: Joseph Stiglitz, who was the top economic adviser to President Clinton and won the Nobel Prize in economics; Edward Yingling, president and CEO of the ABA, and Mike Washburn, President and Chief Executive Officer, Red Mountain Bank in Birmingham, Alabama, on behalf of the Independent Community Bankers of America.
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