Statement of Sheila C. Bair, Chmn., Fed. Deposit I

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Causes and Current State of the Financial Crisis: Testimony before the Financial Crisis Inquiry Commission

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By Sheila C. Bair (au)
Year: 2010
Pages: 20
Binding Paperback

Product Code: 1437928536

Description

Statement of Sheila C. Bair, Chmn., Fed. Deposit Insur. Corp. (FDIC), on the causes and current state of the financial crisis -- the most severe financial crisis and the longest and deepest economic recession since the Great Depression. Products and practices that originated within the shadow banking system have proven particularly troublesome in this crisis. We are now poised to undertake far-reaching changes that will affect the regulation of our entire financial system, including the shadow banking sector. This testimony focuses on the failure of market discipline and regulation, provides a detailed chronology of events that led to the crisis and suggests reforms to prevent a recurrence. Charts and tables.

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