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Published: January 2009
Could regulations have prevented the economic crisis?
A new report by the Congressional Oversight Committee points to three areas of regulation that could have prevented the current economic crisis.
COP released its special report on regulatory reform today. (Click on link in the previous sentence to download a PDF of the report.) The report discusses how regulation could have averted the crisis that we are in today, and how the implementation of sensible regulations can help us prevent another financial crisis and determine our economic success in the years to come.
The report examines how deregulation of financial markets over the last 25 years have returned the boom-and-bust cycles that had plagued the U.S. economy until reforms of the Great Depression ushered in a half-century of financial stability. The report specifically points to three areas of regulation that could have prevented the current economic crisis, specifically basic consumer protection rules, supervision of credit rating agencies, and regulation of companies that are “too big to fail.”
In the video featured below, Committee Chairwoman Elizabeth Warren explains the importance of the report:
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