October 21, 2008
Chairman Frank, Ranking Member Bachus and members of the Committee, thank you for inviting me to testify today. My name is Joel Seligman. For the past 31 years I have been a professor whose research has addressed securities markets and financial regulation. I am here to offer my personal views. I am also the President of the University of Rochester and a member of the Board of Governors of FINRA. I am not speaking today on behalf of either of these organizations.
We have reached a moment of discontinuity in our federal and state system of financial regulation that will require a comprehensive reorganization. Not since the 1929-1933 period has there been a period of such crisis and such felt need for a fundamentally new approach to financial regulation.