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Why and How Resolution Policy Must Be Improved

NO MATTER HOW EFFECTIVE U.S. financial regulatory agencies may be, they will not be able (nor should they try) to prevent all failures of systemically important institutions. The kinds of rigid controls that would be necessary to accomplish such an objective would surely stifle innovation and risk taking to such an extent that they would undermine the static and dynamic efficiency of the financial system. Given that some systemically important institutions will inevitably fail, how should they be resolved? This chapter discusses ways to strengthen resolution mechanisms, which can help reduce the likelihood of crises and the need for dramatic actions like those taken by the Federal Reserve and other agencies during the past 18 months.