Piwowar Renews Criticism of Prudential Regulation, Calls for Bank Disclosure

Asset managers are not the problem. Banks are - and attempts to head off another financial crisis by regulating advisory firms like banks will only exacerbate future crises. The answer is to impose more disclosure requirement on banks. Such is the view of SEC commissioner Michael Piwowar, who renewed his plea for regulators to cease attempts at adopting prudential, or banking, regulations for asset managers, and instead require banks to adopt the kinds of disclosure regimes that asset managers are already subject to.
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