A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

In China, export lobbies have fought for policies that favor their interests and limit foreign competition.

It is the policy of the federal government to use all resources at its disposal to make our financial system stronger.

There's a lot of things we could do better.

As a Christian Scientist, I don't go to doctors and get diagnoses.

An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention.