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Testimony of Robert Hockett: Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture

This written testimony accompanied Professor Hockett's oral testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection, given on 21 November 2014. Professor Hockett testifies that the Federal Reserve Board (FRB) and the Federal Reserve Bank of New York (FRBNY) have made remarkable strides in addressing the 'reactiveness' and 'groupthink' challenges identified by internal critics in the wake of the 2008-09 financial dramas, but that further improvement might be in order where the bank examination process is concerned. He also makes structural reform recommendations aimed toward that end.