Bankers, Bureaucrats, and Guardians: Toward Tripartism in Financial Services Regulation by ProQuest

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									Omarova post macro                                                                                             4/19/2012 4:29 PM




 Bankers, Bureaucrats, and Guardians: Toward Tripartism
             in Financial Services Regulation

                                             Saule T. Omarova*

I. INTRODUCTION ............................................................................................................ 622
II. REGULATORY CHALLENGES IN THE FINANCIAL SERVICES SECTOR ............................ 625
        A. Financial Regulation Reform After the Crisis: Systemic Risk and
           Regulatory Capture ......................................................................................... 625
             1. Systemic Risk Regulation ............................................................................ 625
             2. The Problem of Regulatory Capture ........................................................... 629
        B. Reframing the Dilemma: Systemic Risk Regulation as a Political Choice ....... 632
III. TRIPARTISM AND GUARDIANSHIP IN ACADEMIC DEBATE ......................................... 634
        A. Tripartism as a Counterweight to Regulatory Capture .................................... 635
        B. Grappling with Public Interest in the Debate on Financial Regulation
           Reform ............................................................................................................. 637
             1. Improving Governance of Financial Regulation ......................................... 637
             2. Broadening Regulators’ Intellectual Perspective ....................................... 639
IV. ELEMENTS OF TRIPARTISM IN PRACTICE: “QUASI-GUARDIANS” AT WORK .............. 642
        A. Public Interest Organizations .......................................................................... 643
             1. Functions and Activities .............................................................................. 643
             2. Potential Limitations ................................................................................... 646
        B. Government Actors: Proxy Advocates and Agency Monitors .......................... 648
             1. Proxy Advocates ..........................................................
								
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