Research & Policy
CASI brings together faculty and other experts to collaborate around core issues involving the intersections of corporations and society. CASI engages Congress, agencies, and other decision-making bodies, at both the state and federal level, to provide greater balance to policy debates and useful, fact-based solutions.
Fixing a Rigged System
Anat R. Admati explains why our financial system still struggles with misconduct.
Working Papers
- Admati, A. (2021). Capitalism, Laws, and the Need for Trustworthy Institutions. Oxford Review of Economic Policy, Forthcoming. https://doi.org/10.2139/ssrn.3886969
- Pfleiderer, P. (2020). The Milton Friedman Constraint: A Proposal for Improving Corporate Governance. https://doi.org/10.2139/ssrn.3757008
Journal Articles
- Steele, G. (2020). Confronting the ‘Climate Lehman Moment’: The Case for Macroprudential Climate Regulation. Cornell Journal of Law & Public Policy, 30(1), 109-157.
- Pfleiderer, P. (2020). Chameleons: The Misuse of Theoretical Models in Finance and Economics. Economica, 87(345), 81-107. https://doi.org/10.1111/ecca.12295
- Admati, A. (2017). A Skeptical View of Financialized Corporate Governance. Journal of Economic Perspectives, 31(3), 131-150. https://doi.org/10.1257/jep.31.3.131
Policy Papers
- Admati, A. (2020). Bad Policies Encourage and Tolerate Excessive Fragility. New Approaches to Economic Challenges: The Financial System. OECD.
- Steele, G. (2020). Extending the Consumer Safety Net: How the Consumer Financial Protection Bureau Can Use Its Authority to Protect Vulnerable Consumers. Great Democracy Initiative.
- Steele, G. (2020). A Regulatory Green Light: How Dodd-Frank Can Address Wall Street’s Role in the Climate Crisis. Great Democracy Initiative.
- Gelzinis, G., & Steele, G. (2019). Climate Change Threatens the Stability of the Financial System. Center for American Progress.
- Admati, A. (2019). Towards a Better Financial System. Economics for Inclusive Prosperity (EfIP).
Testimony
- Admati, A. (2017). Wells Fargo’s Sales Practices and Corporate Accountability. California State Senate Committee on Banking and Financial Institutions and Assembly Standing Committee on Banking and Finance.
- Admati, A. (2014). Examining the GAO Report on Expectations of Government Support for Bank Holding Companies. U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection.
- Admati, A. (2012). Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards. U.S. House Committee on Financial Services Subcommittee on Financial Institution and Consumer Credit and Subcommittee on Insurance, Housing, and Community Opportunity.
- Pfleiderer, P. (2011). Debt Financing in the Domestic Financial Sector. U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection.
Policy Comment Letters
CASI frequently participates in public comment processes before a range of state, federal, and international regulatory and legislative bodies. CASI seeks to provide decisionmakers with neutral and unbiased expertise to encourage policymaking in the public interest.
- Admati, A., DeMarzo, P., Fama, E., Lustig, H., Nagel, S., Pfleiderer, P., Seru, A., & Zingales, L. (2021). Money Market Funds. Comment Letter to the Securities and Exchange Commission.
- Steele, G. (2021). “Fair Access” Rule. Comment Letter to the Legislative and Regulatory Activities Division Office of the Comptroller of the Currency.
- Cahan, B. (2020). Bank Ratings. Comment Letter to the Federal Deposit Insurance Corporation.
- Admati, A., & Zingales, L. (2020). Proxy Advisor Rules. Comment Letter to the Securities and Exchange Commission.
- Steele, G. (2019). Risk Management Measures for Banks’ Derivatives Transactions. Comment Letter to the Board of Governors of the Federal Reserve System.
- Steele, G. (2019). Bank Ownership and Consolidation. Comment Letter to the Federal Reserve.
- Steele, G. (2019). Rules Restricting Excessive Borrowing. Comment Letter to the Federal Reserve.
- Admati, A. (2019). “Too Big to Fail” Reforms. Comment Letter to the Financial Stability Board.
- Steele, G. (2019). Regulations for Foreign Banks. Comment Letter to the Federal Reserve.
- Steele, G. (2019). Rules Protecting Against Big Bank Failures. Comment Letter to the Federal Reserve and FDIC.
- Admati, A., & Steele, G. (2018). SEC’s Whistleblower Program. Comment Letter to the Securities and Exchange Commission.
Excessive Leverage and Risk in Banking
Assembled writings on excessive indebtedness, or leverage, in the financial sector and capital regulation, or the regulation of the funding mix, of banks and other financial firms.
The pieces are aimed at multiple audiences and vary in length and presumed knowledge on the part of readers.
To make these pages useful, we first describe the main writings and relate them to one another, then provide a page with links to additional pieces grouped by topic.