Shadow Regulatory Committee
Archives of the U.S. Shadow Financial Regulatory Committee
The U.S. Shadow Financial Regulatory Committee, founded by George G. Kaufman, included experts from academic institutions and private organizations interested in public policy. From 1986 through 2015, it met quarterly to identify and analyze public policy issues regarding the financial services industry. Each meeting concluded with one or more statements written to clarify policy issues and recommend improvements in regulatory policy. This archive includes each of the Committee’s Statements. Hopefully, we can learn from history and draw on that experience when evaluating future policy efforts.
The archive also includes a monograph produced by Robert Litan, a Committee member for several years, which summarizes the approach taken by the Committee in developing the statements- Financial Crises and Policy Responses: A Market-Based View from the Shadow Financial Regulatory Committee, 1986-2015.
Once the U.S. Shadow Policy Committee was formed and began critiquing financial regulatory policy, economists from around the globe introduced similar Committees from their respective countries. The archive also includes joint policy statements of the international meetings of the Shadow Regulatory Committees from several other countries.
Finally, this archive includes an index classifying all these documents by topic to aid potential readers. Because the statements were not originally paginated in order, the index identifies each subject by the number of the statement and the page number within that statement. For example, the entry “after-hours trading, S202/1-4” means this topic was discussed in Statement 202, pages 1-4. The Litan monograph and the joint international statements are indexed analogously, but with a prefix defined at the beginning of the index, indicating a source other than a policy statement of the U.S. Shadow Financial Regulatory Committee.
A special thanks goes to Richard J. Herring, the Jacob Safra Professor of International Banking and Professor of Finance at the Wharton School, University of Pennsylvania. Professor Herring was a long-serving member of the Shadow Regulatory Committee, who co-chaired the Committee from 2003 to 2016 and undertook the task of creating this archive.
The U.S. Shadow Financial Regulatory Committee, founded by George G. Kaufman, included experts from academic institutions and private organizations interested in public policy. From 1986 through 2015, it met quarterly to identify and analyze public policy issues regarding the financial services industry. Each meeting concluded with one or more statements written to clarify policy issues and recommend improvements in regulatory policy. This archive includes each of the Committee’s Statements. Hopefully, we can learn from history and draw on that experience when evaluating future policy efforts.
The archive also includes a monograph produced by Robert Litan, a Committee member for several years, which summarizes the approach taken by the Committee in developing the statements- Financial Crises and Policy Responses: A Market-Based View from the Shadow Financial Regulatory Committee, 1986-2015.
Once the U.S. Shadow Policy Committee was formed and began critiquing financial regulatory policy, economists from around the globe introduced similar Committees from their respective countries. The archive also includes joint policy statements of the international meetings of the Shadow Regulatory Committees from several other countries.
Finally, this archive includes an index classifying all these documents by topic to aid potential readers. Because the statements were not originally paginated in order, the index identifies each subject by the number of the statement and the page number within that statement. For example, the entry “after-hours trading, S202/1-4” means this topic was discussed in Statement 202, pages 1-4. The Litan monograph and the joint international statements are indexed analogously, but with a prefix defined at the beginning of the index, indicating a source other than a policy statement of the U.S. Shadow Financial Regulatory Committee.
A special thanks goes to Richard J. Herring, the Jacob Safra Professor of International Banking and Professor of Finance at the Wharton School, University of Pennsylvania. Professor Herring was a long-serving member of the Shadow Regulatory Committee, who co-chaired the Committee from 2003 to 2016 and undertook the task of creating this archive.