The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations.

Background

Thirty-six leaders from the financial sector, including banks, broker-dealers, asset managers, private funds, insurance companies, and academia comprise the committee's membership. The committee co-chairs are Glenn Hubbard, dean of Columbia Business School, and John L. Thornton, chairman of the Brookings Institution. The committee's director is Professor Hal S. Scott, Emeritus Nomura Professor and director of the Program on International Financial Systems at Harvard Law School. The committee's research regarding the regulation of U.S. capital markets provides policymakers with a nonpartisan, empirical foundation for public policy.

History

The committee was founded in 2006 by then-Secretary of the Treasury, Henry Paulson.

Past recommendations

The global Financial Crisis: A Plan for Regulatory Reform

In 2009, the Committee determined four critical objectives based upon a year of observation and research into the financial crisis that are further broken down into 57 specific recommendations. These four objectives are:

A Blueprint for Financial Reform

In 2010, within a 37-page letter to Chairman Dodd, Ranking Member Shelby, Chairman Lincoln and Ranking Member Chambliss, the CCMR evaluated all major elements in the financial reform proposals that have emerged from Senate committees, but focused especially on four as areas for compromise:

A Balanced Approach to Cost-Benefit Analysis Reform

Released in October 2013, the committee's position paper set forth a balanced approach to strengthening cost-benefit analysis requirements applicable to the independent agencies tasked with implementing regulatory reform in the U.S. financial system. The Committee outlined an approach it believed would maximize the economic efficiency of the U.S. regulatory system, minimize procedural burdens on regulators, and help insulate new rulemakings from judicial challenge.

The U.S. Equity Markets: A Plan for Regulatory Reform

In July 2016, the committee's “The U.S. Equity Markets: A Plan for Regulatory Reform” sought to inform the public and policymakers about the U.S. equity market structure and evaluate its performance for U.S. investors and public companies. The report set forth 24 recommendations that fell into three categories:

Recent proposals

Roadmap for Regulatory Reform

In May 2017, the committee's “Roadmap for Regulatory Reform” set forth priority regulatory actions for the Trump administration that would promote U.S. economic growth and enhance the stability of the U.S. financial system. The Roadmap consisted of eleven recommendation areas:

Rationalizing Enforcement in the U.S. Financial System

In June 2018, the staff of the Committee developed a comprehensive overview of the structure, operation, and transparency of the U.S. public enforcement system as it pertains to the financial system. The staff set forth recommendations in four major areas:

Expanding Opportunities for Investors and Retirees: Private Equity

In October 2018, the Committee found that private equity funds have a well-established performance history that justifies expanding access to them. It recommends three ways to do so:

Committee members