Regulatory Reform Quotes & Sayings

Our goal should be to make decision makers internalize the full consequences of their decisions, rather than prevent them from making decisions altogether [...] But we tend to reform under the delusion that the regulated institutions and the markets they operate in are static and passive, and that the regulatory environment will not vary with the cycle. Ironically, faith in draconian regulation is strongest at the bottom of the cycle, when there is little need for participants to be regulated. By contrast, the misconception that markets will govern themselves is most widespread at the top of the cycle, at the point of maximum danger to the system. We need to acknowledge these differences and enact cycle-proof regulation, for a regulation set against the cycle will not stand. To have a better chance of creating stability throughout the cycle--of being cycle-proof--new regulations should be comprehensive, nondiscretionary, contingent, and cost-effective. — Raghuram G. Rajan

This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period. — Stephen A. Schwarzman

We pursued the wrong policies. George Bush is not on the ballot. Bill Clinton is not on the ballot. Mitt Romney is on the ballot, and Barack Obama is on the ballot. And Mitt Romney is proposing tax reform, regulatory reform, a wise budget strategy and trade. The president has proposed tax increases. — Glenn Hubbard

In the United States, meaningful financial reform has tended to be crisis-driven. That is an unfortunate fact, for several reasons. It means that our regulatory system has been defined and redefined under extreme rather than normal conditions. It means that financial regulation is more reactive than proactive. And it means that we must endure serious dysfunction, if not a major calamity, before fixing problems - financial excesses that typically have been recognized and acknowledged long before the crisis hits. — Henry Kaufman

What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking. — Christina Romer

Financial regulatory reform is one of the top legislative priorities of the Obama Administration. — Valerie Jarrett

Today, we are announcing that agencies are releasing their final regulatory reform plans, including hundreds of initiatives that will reduce costs, simplify the system, and eliminate redundancy and inconsistency. — Cass Sunstein

There are over 170,000 pages of regulations in Washington, D.C. I want to streamline the rules in the federal government to basically allow businesses to grow without fear of burdensome federal regulations. That's a passion to me, regulatory reform. — Jason T. Smith

Senate Majority Leader Mitch McConnell needs to get business lobbyists in a car and drive them around with a gun to their heads for an hour, explaining: We can give you regulatory reform, OSHA reform, tax relief, tort reform. But if we give you immigration, we won't be in a position to give you anything else, ever again, and you'll have to take your chances with Nancy Pelosi. The Chamber of Commerce has got to learn: You can't have it all. — Ann Coulter

I think we're fooling ourselves if we think that regulators are going to be able to outsmart the bankers. So, the task of designing regulatory reform is trying to make more or less foolproof regulation and that's one of the advantages of the systemic category. — Robert F. Engle