Abstract
Although the U.S. economy continues to gain strength, global growth is weak; and several important economies face deflationary risks. Financial markets have become global, but regulation is conducted at the national level. It is essential to have global cooperation on financial regulation if future global financial crises are to be avoided. The United States has led the effort to achieve this. This paper provides an overview of the efforts under way and discusses the main objectives of future international financial regulation.
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Speech delivered at the NABE Economic Policy Conference, March 9, 2015.
*Nathan Sheets is the U.S. Department of the Treasury’s Under Secretary for International Affairs. Prior to joining Treasury, Sheets was the Global Head of International Economics at Citigroup. He previously worked at the Board of Governors of the Federal Reserve System for 18 years, where he held several positions, including Director of the Board’s Division of International Finance and Economist to the Federal Open Market Committee. Sheets received a B.A. from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology. Michael Pisa is deputy director of the U.S. Treasury’s Office of International Banking and Securities Markets. He has worked at Treasury since 2008. Prior to holding his current position, he focused on economic developments in China and India. He also served as Treasury’s deputy attaché in Afghanistan from 2009 to 2010. Pisa received a B.A. from Tulane University and a Ph.D. from the University of California, San Diego.
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Sheets, N., Pisa, M. Progress and Challenges for International Financial Reform. Bus Econ 50, 61–66 (2015). https://doi.org/10.1057/be.2015.14
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DOI: https://doi.org/10.1057/be.2015.14