The same could be said of the Dodd-Frank law, which gives new and expanded federal bureaucracies vast, new discretionary power with which to control the financial services industry and any other company they deem a systemic risk.
In my view a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for riskcontrol.
But Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions at Columbia University, said the committee believes alternative approaches can control the systemic risk the banks present without stifling innovation or driving it offshore.