Daniel Tarullo
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Daniel Tarullo

Member of the Federal Reserve Board of Governors (2009-2017); Author: Banking on Basel: The Future of International Financial Regulation

Called “the most important person in banking” by the Wall Street Journal for his role at the Federal Reserve in the post-crisis overhaul of financial regulation, Daniel Tarullo also helped shape monetary policy during and after the crisis.

Challenges Facing the New Leadership at the Federal Reserve

The new leadership at the Federal Reserve inherits a prolonged, if unspectacular, economic expansion that has shown few signs of fading.  Yet longer-term questions about the U.S. economy remain as significant as ever. Did the financial crisis and Great Recession inflict lasting damage on growth potential? Or did they amplify or accelerate changes that were already taking place? Or will economic performance simply take a long time to return to pre-crisis norms? Daniel Tarullo examines the contrast between the relatively clear shorter-term outlook and the key challenges for Federal Reserve policy over the medium to longer-term, including the decisions that must be made on the key instruments for conducting monetary policy and the size of its balance sheet, how it will deal with the lingering questions about labor markets and inflation, and whether the Fed will have the tools needed to fight the next recession.

The Changing Financial Regulatory Landscape

In the wake of the financial crisis, Congress and regulators made the most far-reaching changes in financial regulation since the New Deal. Some have argued that more needs to be done to combat the too-big-to-fail problem and ensure financial stability, while others claim that the new regulations are impeding financial intermediation and holding down economic growth. With the Administration stating its desire for substantial changes to the Dodd-Frank Act and agency regulations, is a major rollback of the post-crisis regulatory reform agenda in the offing? Drawing on his experience leading much of that agenda at the Federal Reserve, Daniel Tarullo assesses the prospects for change. He offers insight into legislative initiatives most likely to be successful, the prospects for significant regulatory and supervisory changes even without amendments to Dodd-Frank, and the potential for a substantial swing in financial regulatory policy with each change of party control of the White House and Congress.

The International Dimension of Financial Regulation

While financial regulatory authority rests with local authorities, the impact of international regulatory standards on national regulation has increased greatly since the financial crisis. International efforts were launched by the leaders of the G-20 to coordinate a stronger regulatory framework across countries. The Financial Stability Board, the Basel Committee on Banking Supervision, the International Monetary Fund, and other organizations joined in this effort. A decade after the crisis began,
what have these efforts accomplished? How will the member countries of the international organizations deal with the rising tensions between international initiatives and domestic politics in the Unites States and elsewhere? How will Brexit affect
international standards? With his first-hand involvement in the post-crisis international efforts, as well as the perspective provided by his prior experience in the State Department and White House, Daniel Tarullo discusses the current importance of international standards, what their impact on financial firms is likely to be, and how the looming leadership ship changes at
the Financial Stability Board and Basel Committee may alter the tenor of international regulatory cooperation.

Meet Daniel Tarullo

Called “the most important person in banking” by the Wall Street Journal for his role at the Federal Reserve in the post-crisis overhaul of financial regulation, Daniel Tarullo also helped shape monetary policy during and after the crisis.

Daniel Tarullo became a member of the Board of Governors of the Federal Reserve during the depths of the financial crisis in
January, 2009. In his efforts at the Fed, he built on a wealth of prior experience in government, including as Assistant Secretary State for Economic Affairs, Assistant to the President for International Economic Policy and Personal Representative to the G-7 during the Clinton Administration, and as a member of the staff of the late Senator Ted Kennedy. Between his stints in government service he taught at Georgetown and Harvard law schools. His book Banking on Basel warned of the weaknesses in pre-crisis financial regulation. As a member of the Federal Open Market Committee for more than eight years, he also helped shape monetary policy during the crisis and subsequent recovery, paying particular attention to the implications of labor market developments for monetary policy decisions.

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