US financial regulation must extend beyond banks, Tarullo says
from The Wall Street Journal
In the aftermath of the financial crisis, U.S. regulators have attempted to tighten bank rules by forcing them to raise additional capital and by adopting a raft of other rules contained in the Dodd-Frank financial reform law. However, there is growing concern that such rules are forcing financial activity into the "shadow banking" sector, outside the purview of regulators — which is partly what led to the crisis in the first place.
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