[The following article was published November 10, 2014 by the SEACEN Financial Stability Journal, a quarterly journal published by The South East Asian Central Banks Research and Training Centre.]
I have traveled to Asia many times over the past thirty years, and it is my sense
that policy makers in Asia tend to look to the U.S. for leadership on financial regulatory
issues. This is somewhat unfortunate, as the U.S. has made many mistakes in financial
regulation in recent decades. In my view Asia and the rest of the world should not
emulate the U.S. but should instead study the U.S. to learn from both our successes
and our failures in financial regulation. I hope to provide in this article an objective
and candid assessment of U.S. financial regulatory policies.