Evaluating the SEC: Are proposals for greater transparency a boon or threat to market efficiency?
With proposals for more disclosure on everything from hedge funds and private equity to ESG and public companies, the SEC under chair Gary Gensler has an ambitious regulatory agenda. Will these proposals for greater transparency promote market efficiency or threaten it? Is the SEC an appropriate vehicle for promoting social ends? We hosted an Adam Smith Society Young Leaders conversation with Manhattan Institute senior fellow James R. Copland and Columbia Business School professor of Finance and Economics Charles Calomiris to better understand the implications of these proposals on the financial industry and our economy at large.
Charles Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and director of the Business School’s Program for Financial Studies Initiative on Finance and Growth in Emerging Markets. His recent book Fragile By Design: The Political Origins of Banking Crises and Scarce Credit received the American Publishers Award for the best book in Business, Finance and Management.
James R. Copland is senior fellow and director of Legal Policy at the Manhattan Institute. He is the author of The Unelected: How an Unaccountable Elite Is Governing America. His articles have been published widely in both academic and popular media outlets, including the Harvard Business Law Review, the Yale Journal on Regulation, the Wall Street Journal, and USA Today.