Michael Piwowar
Showing 16–17 of 17 transcripts.
- Milken Institute57 min
Financial Regulation: New Era, New Regulators
Ben White, J. Christopher Giancarlo, Jeb Hensarling, Joo-Yung Lee, Craig Phillips, Michael Piwowar
The Trump administration and key congressional leaders are advancing a regulatory strategy centered on tailoring rules to bank size and reducing compliance burdens to stimulate GDP growth, with the Senate Banking Bill S.2155 serving as a legislative starting point despite limitations on large institutions. Agencies including the SEC and CFTC are recalibrating specific mandates regarding capital formation, derivatives, and digital assets to enhance market efficiency while addressing unintended consequences of the original Dodd-Frank implementation. Industry experts like Fitch Ratings caution that while targeted relief is necessary, maintaining core stability measures such as stress testing remains critical to prevent systemic risks as the regulatory framework evolves.
- Milken Institute1h 1m
Systemic Risk: Inevitable or Preventable?
Scarlet Fu, Dimitri Demekas, Fiona Frick, Michael Piwowar, Paul Sheard, John C. Williams
Leading regulators and analysts including John Williams of the Federal Reserve and Michael Puar of the SEC convened to define systemic risk as threats stemming from liquidity evaporation and deep interconnections between financial sectors. The panel identified diverse primary hazards ranging from China's credit boom and European negative-yielding bonds to U.S. fiscal policies and the opaque risks within illiquid ETF markets. While participants agreed that Dodd-Frank reforms have successfully made major banks more resilient, they emphasized that future stability requires enhanced global regulatory coordination, better fiscal-monetary alignment, and a focus on building system-wide resilience against unpredictable shocks.