Dean Glenn Hubbard is cochairing a national committee that will conduct a major study on how to improve the competitiveness of U.S. public capital markets.
The Committee on Capital Markets Regulation is a newly formed independent group of U.S. leaders from the financial, legal and academic sectors. It plans to issue a report with recommendations to key policymakers for specific changes in regulation and legislation by the end of November.
“We believe that the unique structure and independence of the committee will enable it to evaluate thoroughly a broad range of economic issues affecting U.S. capital markets and make actionable recommendations to help keep the U.S. markets competitive with markets around the world,” said Hubbard, who is cochairing the committee with John L. Thornton, chairman of the board of the Brookings Institution.
The committee’s study, Capital Markets Regulation and Its Effects on U.S. Competitiveness, will assess the degree to which U.S. public markets are losing ground to foreign and private markets, the causes of this decline and its impact on the financial industry and the economy. “This issue is important to the future of the American economy, and a priority for me,” said Secretary of the Treasury Henry Paulson. “I look forward to reviewing the committee’s findings and ideas.”
Hal S. Scott, Nomura Professor and director of international financial systems at Harvard Law School, is directing the 19-member group. Other members include Charles O. Holliday, the chairman and CEO of DuPont; William Parrett, CEO of Deloitte; Thomas A. Russo, vice chairman and chief legal officer at Lehman Brothers; and Luigi Zingales, the Robert C. McCormack Professor of Entrepreneurship and Finance at the University of Chicago Graduate School of Business.