A Public Administration Moment: Forging an Agenda for Financial Regulatory Reform

The numbers are staggering. As the financial crisis deepens, American financial companies will lose an estimated $3.6 trillion in non-performing loans and lost asset value (Lohr 2009). Nationally, home prices have fallen more than 18% from peak levels -- as much as 40% in some states -- and in 2008,...

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Bibliographic Details
Published in:	Public administration review 2009-07, Vol.69 (4), p.595-602
Main Author:	Khademian, Anne M.
Format:	Article
Language:	eng
Subjects:	"PAR" Symposium on the Financial Crisis Accountability Banking industry Banking regulation Banks Credit risk Economic crisis Economic regulation Federal Reserve Bank Finance Financial regulation Foreclosure Government sponsored enterprises Home loans Home ownership Industrial regulation Insurance regulation Mortgage loans Mortgages Policy Reform Politics Public Administration Public finance Regulation Regulation of financial institutions Regulatory reform TARP funds Treasury operations
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Summary:	The numbers are staggering. As the financial crisis deepens, American financial companies will lose an estimated $3.6 trillion in non-performing loans and lost asset value (Lohr 2009). Nationally, home prices have fallen more than 18% from peak levels -- as much as 40% in some states -- and in 2008, lenders initiated more than 2.25 million home foreclosures (Duke 2009). The biggest financial crisis since the Great Depression, as the Treasury Department describes it, is a crisis of confidence, of capital, of credit, and of consumer and business demand. Just as staggering, however, is the lack of attention given to the government administrative capacities that failed going into the crisis, and that require fervent attention as they grope toward a reengineered financial system and regulatory structure. Public administration scholars and practitioners play a vital role in forging the future of finance.
ISSN:	0033-3352 1540-6210