The unfinished agenda Even this brief and selective sketch of some elements of a regulatory regime for systemic risk reveals important issues that have yet to be tackled in the reform agenda. Mindful of my time constraints, I will limit myself to identifying two.
The first issue arises from my suggestion that, to a considerable extent, potential contagion effects are best contained by directly addressing them, rather than by trying to indirectly address them through designating large numbers of nonbank-affiliated institutions under section 113 of the Dodd-Frank Act.