My research will focus on the introduction of Federal regulation toward the business and financial sectors of the United States. Aware of the importance in resurrecting financial stability in the wake of 2007-2009, this research will assess the effectiveness of regulatory efforts from the perspective of both private and public sector leaders.
Research will largely draw on peer-reviewed scholarly sources. The study will also make use of interviews with leading business participants including Luo Gerstner and Jack Welch. Valuable financial sector insight will be contributed by Robert K. Steele and Peter Kiernan, both of whom have also participated in politics. This cross-sector experience is undoubtedly important for comparative purposes in an effort to gain a full non-biased perspective.
The Federal government must propose legislation that allows markets to continually innovate and allows firms to develop adaptive strategies. Legislation should promote competition and help to contain any chain reaction of failure. A central focus is the necessary partnership between government and business in order to initiate progress. Jamie Dimon of JPMorgan Chase and Co. understands this reality in saying that “business and government [must work] together to fix the problems. It’s going to be very hard for government to do it on its own and business can’t do it without collaborating with government.”
The research will aim at assessing recent and developing regulatory efforts, including the 2010 Dodd-Frank Act. Its comparison to the similarly ambitious Glass-Steagall components of the Banking Act of 1933 is important for purposes of establishing context for how it intends to transform financial and business sectors.
This study has potential implications for both the Presidency and Congress. The current political and social landscape necessitates elected officials have an acute awareness of economic and business principles and an understanding of how their decisions are historically positioned. With the effects of the 2007-2009 Financial Crisis still being felt, the importance of this debate has become ever more pressing.
I am the Presidential Fellow from Colgate University. I look forward to meeting you all this fall in Washington.