…the Board continues to believe that aside from safety and soundness regulation of derivative dealers under the banking or securities laws, regulation of derivatives transactions that are privately negotiated by professionals is unnecessary. Regulation that serves no useful purpose hinders the efficiency of markets to enlarge standards of living.
— Greenspan, in testimony before the House Committee on Banking and Financial Services, June 24, 1998
Alan Greenspan, John Snow and Christopher Cox are scheduled to testify before Waxman’s Committee on Oversight and Government Reform today. Whether Greenspan (Fed chair 1987-2006) is seen as a scapegoat or one of the key architects of our current crisis (count me in the architect camp), I think today’s hearing and especially Greenspan’s testimony, will be an important clue to the current state of neoliberal dogma among the Very Serious People. For background see the recent reports from the NYT and the WaPo.
Live coverage by CSPAN.
Waxman’s House Oversight and Government Reform Committee
10 am – Hearing on “The Financial Crisis and the Role of Federal Regulators”
The hearing will examine the roles and responsibilities of federal regulators in the current financial crisis.
The following witnesses are expected to testify:
- Alan Greenspan, former Chairman, Federal Reserve
- John Snow, former Secretary of the Treasury
- Christopher Cox, Chairman, Securities and Exchange Commission
Also of note is the Senate Banking Hearing. One of the scheduled witnessees is Sheila Blair whom Dean Baker recently suggested be considered for Treasury Secretary in an Obama administration.
Dodd’s Senate Banking, Housing and Urban Affairs Committee
10 am – Hearing on the "Turmoil in the U.S. Credit Markets: Examining Recent Regulatory Responses"
- Sheila C. Bair , Chairman, Federal Deposit Insurance Corporation
- Neel Kashkari , Interim Assistant Secretary for Financial Stability and Assistant Secretary for International Affairs, U.S. Department of the Treasury
- James B. Lockhart, III , Director , Federal Housing Finance Agency
- Elizabeth A. Duke , Governor, Board of Governors of the Federal Reserve System
- Brian D. Montgomery , Federal Housing Commissioner and Assistant Secretary, Department of Housing and Urban Development
x-posted at oxdown