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Reluctant RegulatorsHow the West Created and How China Survived the Global Financial Crisis$

Leo F. Goodstadt

Print publication date: 2011

Print ISBN-13: 9789888083251

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789888083251.001.0001

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Reluctant Regulators
Hong Kong University Press

International Agencies

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Hong Kong

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HKRS41-1-3044 ‘The Nam Sang Bank — 1. Application from … for a Banking Licence. 2. Balance Sheet of … 3. Cancellation of the Licence of … ’.

HKRS41-1-6691 ‘Banking Operations Legislation for Control of … ’.

HKRS163-1-305 ‘Retail Price & Wages Index. Preparation of … ’.

HKRS163-1-402 ‘China Trade And Commerce — Aide Memoire re Closer Cooperation between China and Hong Kong in Connection with Trade and Exchange Control’.

HKRS163-1-403 ‘China Trade & Commerce — Aide Memoire re Closer Cooperation between China and Hong Kong in Connection with Trade and Exchange Control’.

(p.193) HKRS163-1-442 ‘Import and Exchange Control in Hong Kong Proposed Visit of a H.K. Govt. Officer to the U.K. in Connection with … ’.

HKRS163-1-634 ‘Public Utilities Companies Proposed Control of the Charges and Dividends Levied by … ’.

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HKRS163-1-2861 ‘Cotton Textiles Allocation of Quota to Restricted Markets’.

HKRS163-3-269 ‘Investment Guarantees by the United States Government’.

HKRS163-9-88 ‘Trade — Balance of Payment Statistics. Policy Regarding Preparation of … ’.

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HKRS169-2-53 ‘Rehabilitation of Business’.

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United Kingdom

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———, ‘Some Lessons for Monetary Policy from the Recent Financial Turmoil’, remarks at the Conference on ‘Globalisation, Inflation and Monetary Policy’ (22 November 2008) (URL: http://www.bankofengland.co.uk/publications/speeches/2008/speech368.pdf).

———, ‘The Great Moderation, the Great Panic and the Great Contraction’, Schumpeter Lecture of the Annual Congress of the European Economic (p.194) Association (25 August 2009) (URL: http://www.bankofengland.co.uk/publications/speeches/2009/speech399.pdf).

———, and Matthias Paustian, Adrian Penalver and Tim Taylor, ‘Monetary Policy after the Fall’, paper presented at the Federal Reserve Bank of Kansas City Annual Conference (28 August 2010), 3–65 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech444.pdf).

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Clementi, David, BofE Deputy Governor, ‘Banks and Systemic Risk — Theory and Evidence’, speech at the Bank of England Conference (23 May 2001) (URL: http://www.bankofengland.co.uk/publications/speeches/2001/speech130.htm).

———, ‘Crisis prevention and resolution — two aspects of financial stability’, Inaugural Lecture at the South Bank University Centre for Monetary and Financial Economics (6 September 2000) (URL: http://www.bankofengland.co.uk/publications/speeches/2000/speech97.htm).

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Gieve, John, BofE Deputy Governor, ‘Financial System Risks in the UK — Issues and Challenges’, speech at the Centre for the Study of Financial Innovation Roundtable (25 July 2006) (URL: http://www.bankofengland.co.uk/publications/speeches/2006/speech280.pdf).

———, ‘Seven lessons from the last three years’ (19 February 2009) (URL: http://www.bankofengland.co.uk/publications/speeches/2009/speech377.pdf).

———, ‘The City’s Growth: The Crest of a Wave or Swimming with the Stream?’, speech to the London Society of Chartered Accountants (26 March 2007) (URL: http://www.bankofengland.co.uk/publications/speeches/2007/speech306.pdf).

———, ‘Uncertainty, policy and financial markets’, speech at the Barbican Centre (24 July 2007) (URL: http://www.bankofengland.co.uk/publications/speeches/2007/speech321.pdf).

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———, ‘Small Lessons from a Big Crisis’, remarks at the Federal Reserve Bank of Chicago 45th Annual Conference (8 May 2009) (URL: http://www.bankofengland.co.uk/publications/speeches/2009/speech397.pdf).

———, ‘The $100 Billion Dollar Question’, comments given at the Institute of Regulation & Risk, Hong Kong (30 March 2010) (http://www.bankofengland.co.uk/publications/speeches/2010/speech433.pdf).

———, ‘The Contribution of the Financial Sector: Miracle or Mirage?’, speech at the Future of Finance Conference, London (14 July 2010) (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech442.pdf)

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House of Commons Treasury Committee, Banking Crisis, Vol. I Oral evidence (HMSO: HC 144–I, March 2009).

———, Banking Crisis: regulation and supervision. Fourteenth Report of Session 2008–09 (London: HMSO, HC 767, 21 July 2009).

———, Banking Reform Seventeenth Report of Session 2007–08 (London: HMSO, HC 1008, September 2008).

———, Financial Stability and Transparency Sixth Report of Session 2007–08 (London: HMSO, HC 371, March 2008).

———, Re-appointment of Mervyn King as Governor of the Bank of England Tenth Report of Session 2007–08, Vol. I. Report together with formal minutes (London: HMSO, HC 524-I, April 2008).

———, Re–appointment of Mervyn King as Governor of the Bank of England Tenth Report of Session 2007–08, Vol. II. Oral and written evidence (London: HMSO, HC 524-II, June 2008).

———, The run on the Rock Fifth Report of Session 2007–08, Vol. I. (London: HMSO, HC56-I, January 2008).

Huertas, Thomas, FSA Banking Sector Director, ‘Competition in Banking: The Role of Orderly Entry and Orderly Exit’, speech at the Chatham House Conference, London (20 June 2008) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2008/0620_th.shtml).

———, ‘The Outlook for Banking and Banking Regulation’, speech at the ICFR Inaugural Summit, London (1 April 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0401_th.shtml).

Jenkinson, Nigel, BofE Executive Financial Stability Director, et al. ‘Financial Innovation: What Have We Learnt?’, Reserve Bank of Australia Conference on Lessons from the Financial Turmoil of 2007 and 2008 (14–15 July 2008) (URL: http://www.bankofengland.co.uk/publications/speeches/2008/speech351.pdf).

(p.196) King, Mervyn, BofE Governor, Address to the 2010 Trades Union Congress, Manchester (15 September 2010), 2–7 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech446.pdf)

———, ‘Banking and the Bank of England’, speech to the British Bankers Association, London (10 June 2008) (URL: www.bankofengland.co.uk/publications/speeches/2008/speech347.pdf).

———, ‘Banking: From Bagehot to Basel, and Back Again’, speech to the Buttonwood Gathering, New York (25 October 2010), 2–25 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech455.pdf).

———, ‘Finance: A Return from Risk’, speech to the Worshipful Company of International Bankers (17 March 2009) (URL: http://www.bankofengland.co.uk/publications/speeches/2009/speech381.pdf).

———, Speech at the Civic Centre, Newcastle (25 January 2011), 1-8 (URL: http://www.bankofengland.co.uk/publications/speeches/2011/speech471.pdf).

———, Speech at the Lord Mayor’s Banquet for Bankers and Merchants, London (16 June 2010), 2–8 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech437.pdf).

Large, Andrew, BofE Deputy Governor, ‘Basel II and Systemic Stability’, British Bankers’ Association — Basel II/Cad 3 Conference (13 March 2003), 2–9 (URL: http://www.bankofengland.co.uk/publications/speeches/2003/speech191.pdf).

———, ‘Convergence in Insurance and Banking: Some Financial Stability Issues’, speech at the Mandarin Oriental Hotel (12 June 2003) (URL: http://www.bankofengland.co.uk/publications/speeches/2003/speech196.pdf).

———, ‘Financial Stability Oversight, Past & Present’, speech at the London School of Economics (22 January 2004) (URL: http://www.bankofengland.co.uk/publications/speeches/2004/speech212.pdf).

Posen, Adam S., BoE Monetary Policy Committee External Member, ‘The British Recovery in International Comparison’, speech at the Society of Business Economists Annual Conference, London (30 June 2010), 2–24 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech439.pdf).

Ross, Verena, FSA Director, ‘Lessons from the Financial Crisis’, speech at the Chatham House Conference on Global Financial Regulation (24 March 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0324_vr.shtml).

———, ‘Risk management governance and controls and their importance in banking system and financial sector stability’, speech at the Financial Stability Institute and Executives’ meeting of East Asia-Pacific Central Banks (18 November 2008) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2008/1118_vr.shtml).

Sants, Hector, FSA Chief Executive, ‘Do regulators have a role to play in judging culture and ethics?’, speech at the Chartered Institute of Securities and Investments Conference (17 June 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0617_hs.shtml).

———, (p.197) ‘The challenges facing bank regulation’, speech to the Association of Corporate Treasurers (14 May 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0514_hs.shtml).

———, and Mary Schapiro, SEC Chairman, ‘FSA and SEC discuss approaches to global regulatory requirements’, FSA Press Release FSA/PN/124/2009 916 (16 September 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/124.shtml).

Treaty Series No. 9 (1949), Exchange of Notes … for the Prevention of Smuggling between Hong Kong and Chinese Ports, (London: Cmd 7615/1949).

Tucker, Paul, BofE Deputy Governor, ‘Financial Crisis and G20 Financial Regulatory Reform: An Overview’, remarks at the FSB and Korean G20 Presidential Committee Conference, Korea (3 September 2010), 2–7 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech460.pdf).

———, Remarks at the Institute of International Bankers Annual Breakfast Regulatory Dialogue, Washington, DC (11 October 2010), 2–8 (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech459.pdf).

———, Remarks at The Turner Review Conference (27 March 2009) (URL: http://www.bankofengland.co.uk/publications/speeches/2009/speech384.pdf).

Turner, Lord (Adair), FSA Chairman, Address to the IAIS Annual Conference, Dubai (27 October 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/1027_at.shtml).

———, Annual Public Meeting Speech (23 July 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/2307_at.shtml).

———, ‘Banks are different: should accounting reflect that fact?’, speech to The Institute of Chartered Accountants in England and Wales, London (21 January 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0121_at.shtml).

———, ‘Building a more stable global banking system’, speech at the Global Financial Forum, New York (27 April 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0427_at.shtml).

———, Mansion House Speech, London (21 September 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0921_at.shtml).

———, ‘Priorities for the reform of global regulation — challenging past assumptions’, speech at IOSCO 2009, Tel Aviv (11 June 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0611_at.shtml).

———, ‘Protecting Consumers and Winning Trust’, speech at the British Bankers’ Association Conference (13 July 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0713_at.shtml).

———, ‘Something old and something new: Novel and familiar drivers of the latest crisis’, speech to the European Association of Banking and Financial History, Brussels (21 May 2010) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0521_at.shtml).

———, (p.198) Speech at The Turner Review Conference (27 March 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0327_at.shtml).

———, ‘The financial crisis and the future of financial regulation’, The Economist’s Inaugural City Lecture (21 January 2009) (URL: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0121_at.shtml).

———, The Turner Review. A regulatory response to the global banking crisis (London: Financial Services Authority, March 2009).

———, ‘What do banks do, what should they do and what public policies are needed to ensure best results for the real economy?’, speech at the CASS Business School (17 March 2010), 1–31 (URL: http://www.fsa.gov.uk/pages/library/communication/speeches/2010/0317_at.shtml).

United States

Bair, Sheila C., FDIC Chairman, ‘Ending Too Big To Fail: The FDIC and Financial Reform’, remarks at the 2010 Glauber Lecture at the John F. Kennedy Jr. Forum, Harvard University (20 October 2010) (URL: http://www.fdic.gov/news/news/speeches/chairman/spoct2110.html).

———, Keynote Address to the ‘Mortgages and the Future of Housing Finance’ Symposium, Arlington (25 October 2010) (URL: http://www.fdic.gov/news/news/speeches/chairman/spoct2510.html).

———, Remarks at the Bear Stearns Mortgage and Structured Product Conference, New York (17 January 2008) (URL: http://www.fdic.gov/news/news/speeches/archives/2008/chairman/spjan1708.html).

———, Remarks to the Global Association of Risk Professionals, New York (25 February 2008) (URL: http://www.fdic.gov/news/news/speeches/archives/2008/chairman/spfeb2508.html).

———, ‘Restoring the Strength and Vitality of the U.S. Financial System’, remarks before the Risk Management Association, Baltimore (18 October 2010) (URL: http://www.fdic.gov/news/news/speeches/chairman/spoct1810.html).

———, Statement on Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act before the Senate Committee on Banking, Housing, and Urban Affairs (30 September 2010) (URL: http://www.fdic.gov/news/news/speeches/chairman/spsep3010.html).

———, Statement on the Causes and Current State of the Financial Crisis before the Financial Crisis Inquiry Commission (14 January 2010) (URL: http://www.fdic.gov/news/news/speeches/chairman/spjan1410.html).

———, Testimony on Modernizing Bank Supervision and Regulation before the Senate Committee on Banking, Housing and Urban Affairs (19 March 2009) (URL: http://www.fdic.gov/news/news/speeches/archives/2009/spmar0319.html).

———, Testimony on Regulatory Perspectives on Financial Regulatory Reform Proposals before the House of Representatives Financial Services Committee (24 July 2009) (URL: http://www.fdic.gov/news/news/speeches/archives/2009/spjuly2409.html).

———, (p.199) Testimony on the State of the Banking Industry before the Senate Committee on Banking, Housing and Urban Affairs (4 March 2008) (URL: http://www.fdic.gov/news/news/speeches/archives/2008/chairman/spmar0408.html).

Barr, Michael, US Treasury Assistant Secretary for Financial Institutions, Remarks on Regulatory Reform to the Exchequer Club, Washington, DC (15 July 2009) (URL: http://www.treasury.gov/press-center/press-releases/Pages/tg213.aspx).

Bernanke, Ben S., FRB Chairman, ‘Central Bank Independence, Transparency, and Accountability’, speech at the Institute for Monetary and Economic Studies International Conference, Tokyo (25 May 2010) (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20100525a.htm).

———, ‘Economic Challenges: Past, Present, and Future’, speech at the Dallas Regional Chamber (7 April 2010).

———, ‘Economic Policy: Lessons from History’, speech at the 43rd Annual Alexander Hamilton Awards Dinner, Center for the Study of the Presidency and Congress, Washington, DC (8 April 2010) (http://www.federalreserve.gov/newsevents/speech/bernanke20100408a.htm).

———, ‘Financial Innovation and Consumer Protection’, speech at the Sixth Biennial Community Affairs Research Conference, Washington, DC (17 April 2009) (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20090417a.htm).

———, ‘Financial Reform to Address Systemic Risk’, speech at the Council on Foreign Relations, Washington, DC (10 March 2009). (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm).

———, ‘Four Questions about the Financial Crisis’, speech at the Morehouse College, Atlanta, Georgia (14 April 2009) (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20090414a.htm).

———, ‘Hedge Funds and Systemic Risk’, speech at the Federal Reserve Bank of Atlanta’s 2006 Financial Markets Conference, Georgia (16 May 2006) (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20060516a.htm).

———, ‘Implications of the Financial Crisis for Economics’, speech at the Conference Co-sponsored by the Center for Economic Policy Studies and the Bendheim Center for Finance, Princeton University (24 September 2010) (URL: http://www.federalreserve.gov/newsevents/speech/bernanke20100924a.htm).

———, ‘On Milton Friedman’s Ninetieth Birthday’, remarks at the Conference to Honor Milton Friedman, University of Chicago (8 November 2002) (URL: http://www.federalreserve.gov/boarddocs/speeches/2002/20021108/default.htm).

———, ‘Regulatory restructuring’, testimony before the House of Representatives Committee on Financial Services (24 July 2009) (URL: http://www.federalreserve.gov/newsevents/testimony/bernanke20090724a.htm).

———, Remarks at the Federal Reserve Bank of Dallas Conference on ‘The Legacy of Milton and Rose Friedman’s Free to Choose’, Dallas ( (p.200) 24 October 2003) (URL: http://www.federalreserve.gov/boarddocs/speeches/2003/20031024/default.htm).

———, ‘The Transition from Academic to Policymaker’, remarks at the Annual Meeting of the American Economic Association, Philadelphia (7 January 2005) (URL: http://www.federalreserve.gov/boarddocs/speeches/2005/20050107/default.htm).

Casey, Kathleen L., SEC Commissioner, Remarks at the Commission Open Meeting (3 December 2008) (URL: http://www.sec.gov/news/speech/2008/spch120308klc.htm).

Congressional Budget Office, Report on the Troubled Asset Relief Program — November 2010 (Washington DC: CBO Report, 2010).

Cox, Christopher, SEC Chairman, Address to the Joint Meeting of the Exchequer Club and Women in Housing and Finance (4 December 2008) (URL: http://www.sec.gov/news/speech/2008/spch120408cc.htm).

Duke, Elizabeth A., FRB Governor, ‘Consumer protection’, testimony before the House of Representatives Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services (16 July 2009) (URL: http://www.federalreserve.gov/newsevents/testimony/duke20090716a.htm).

———, ‘Credit availability and prudent lending standards’, testimony before the House of Representatives Committee on Financial Services (25 March 2009) (URL: http://www.federalreserve.gov/newsevents/testimony/duke20090325a.htm).

Ferguson, Roger W., Jr., FRB Vice Chairman, ‘Financial Engineering and Financial Stability’, remarks at the Annual Conference on the Securities Industry, American Institute of Certified Public Accountants and the Financial Management Division of the Securities Industry Association, New York (20 November 2002) (URL: http://www.federalreserve.gov/boarddocs/speeches/2002/20021120/default.htm).

Financial Crisis Inquiry Commission, Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Official Government Edition, 21 January 2011) (URL: http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf).

Geithner, Timothy F., U.S. Treasury Secretary, Speech at the Economic Club of Washington (21 April 2009) (URL: http://www.treasury.gov/press-center/press-releases/Pages/tg96.aspx).

Greenspan, Alan, FRB Chairman, Testimony before the House of Representatives, Committee on Banking and Financial Services (16 September 1998) (URL: http://commdocs.house.gov/committees/bank/hba51202.000/hba51202_2.htm).

Schapiro, Mary L., SEC Chairman, Testimony concerning Regulation of Systemic Risk before the Senate Committee on Banking, Housing and Urban Affairs (23 July 2009) (URL: http://www.sec.gov/news/testimony/2009/ts072309mls.htm).

SEC, ‘SEC Actions During Turmoil in Credit Markets’ (22 January 2009) (URL: http://www.sec.gov/news/press/sec-actions.htm).

Special Inspector General for the Troubled Asset Relief Program, ‘Extraordinary Financial Assistance Provided to Citigroup, Inc.’, Washington DC ( (p.201) 13 January 2011), 1–70. (URL: http://www.sigtarp.gov/reports/audit/2011/Extraordinary%20Financial%20Assistance%20Provided%20to%20Citigroup,%20Inc.pdf).

Spillenkothen, Richard, FRB Director, ‘Oversight of investment banks’ response to the lessons of Enron’, testimony before the Senate Permanent Subcommittee on Investigations of the Committee on Governmental Affairs (11 December 2002) (URL: http://www.federalreserve.gov/boarddocs/testimony/2002/20021211/default.htm).

Tafara, Ethiopis, SEC Director, ‘A Few Observations Based on International Regulatory Conversations’, speech at the CESR Conference, Paris (23 February 2009) (URL: http://www.sec.gov/news/speech/2009/spch022309et.htm).

Tarullo, Daniel K., FRB Governor, ‘Financial Regulatory Reform’, speech at the U.S. Monetary Policy Forum, New York (26 February 2010) (URL: http://www.federalreserve.gov/newsevents/speech/tarullo20100226a.htm).

———, ‘Involving Markets and the Public in Financial Regulation’, speech at the Council of Institutional Investors Meeting, Washington, DC (13 April 2010) (URL: http://www.bankofengland.co.uk/publications/speeches/2010/speech433.pdf).

US Treasury, ‘The Role of the Federal Reserve in Preserving Financial and Monetary Stability: Joint Statement by the Department of the Treasury and the Federal Reserve’ (23 March 2009) (URL: http://www.treasury.gov/press-center/press-releases/Pages/tg66.aspx).

Walter, Elisse B., SEC Commissioner, Testimony Concerning Securities Law Enforcement in the Current Financial Crisis before the House of Representatives Committee on Financial Services (20 March 2009) (URL: http://www.sec.gov/news/testimony/2009/ts032009ebw.htm).

Warsh, Kevin, FRB Governor, ‘Regulation and Its Discontents’, speech at the New York Association for Business Economics, New York (3 February 2010) (URL: http://www.federalreserve.gov/newsevents/speech/warsh20100203a.htm).

———, ‘The Panic of 2008’, speech at the Council of Institutional Investors 2009 Spring Meeting, Washington, DC (6 April 2009) (URL: http://www.federalreserve.gov/newsevents/speech/warsh20090406a.htm).