Scott O'Malia

Stability vs. Growth: Unintended Consequences of Post-Crisis Financial Regulations

Kadhim Shubber, Jiří Król, Brent McIntosh, Scott O'Malia, Michael Piwowar

The Milken Institute's London Summit panel, moderated by Financial Times journalist Kadim Shuber, brought together U.S. Treasury General Counsel Brent McIntosh and industry leaders from ISDA and AIMA to analyze the dual impacts of post-2008 financial regulations. While participants acknowledged significant gains in system resilience, such as $1.9 trillion in Tier 1 capital and widespread clearing mandates, they warned that regulatory fragmentation and compliance burdens are stifling capital formation and reducing the number of public U.S. companies by half over two decades. Addressing these unintended consequences, the discussion highlighted ongoing efforts by the Treasury and other agencies to refine rules through cost-benefit analyses, establish Offices of Innovation for FinTech, and pursue greater cross-border harmonization to balance safety with economic growth.