Barbara Novick
Showing 1–2 of 2 transcripts.
- Milken Institute1h 3m
Lessons Learned: Market Volatility and Opportunities Ahead
Michael Piwowar, Stephen Berger, Jeffrey T. Dinwoodie, Darrell Duffie, Barbara Novick, Mike Divivar
Panelists Daryl Duffy, Barbara Novick, and others analyzed the February–March 2020 market shock, distinguishing the pandemic's real-economy origins from 2008's financial system crisis while noting that post-regulatory reforms prevented a banking collapse despite severe volatility. The discussion identified specific structural weaknesses in the $20 trillion Treasury and commercial paper markets that necessitated unprecedented Federal Reserve intervention, contrasting these gaps with the resilience demonstrated by centralized derivatives clearing and robust bank balance sheets. To mitigate future moral hazard and improve price discovery, experts proposed immediate regulatory actions including public Treasury reporting, central clearing for commercial paper, and the operationalization of swing pricing mechanisms.
- Milken Institute1h 1m
Financial Regulation in the 21st Century: Risks, Challenges and Opportunities
Josh Barro, Patrick Cronin, Robert Lavet, Barbara Novick, Mike Sommers, Neal Wolin
A panel of industry leaders and experts from firms like BlackRock, SoFi, and the American Investment Council evaluated the viability of reforming post-crisis regulations like Dodd-Frank and the Volcker Rule following the 2020 election. While acknowledging that capital requirements have reduced systemic failure risks, the group criticized the current framework for excessive complexity, disproportionate burdens on small banks, and the displacement of speculative risk into unregulated sectors. The discussion concluded with a consensus that while major legislative repeal faces political hurdles, future improvements will likely rely on RegTech adoption, proportional regulation based on asset size, and the consolidation of fragmented agency oversight.