Systemic Risk – 2008 Financial Crisis

  • Precrisis, there was a longstanding assumption that banks were the only types of financial companies that could pose systemic risk.
  • As you noted, during the crisis that was proved un-true. Investment banks, insurance companies, other nonbanks precipitated the economic collapse.  (p10-11)

— Jeremy C. Kress, Assistant Professor of Business Law, University of Michigan Ross School of Business

2019 0314 – GOV (Senate) – Financial Stability Oversight Council Nonbank Designation, Mike Crapo (R-ID) – [PDF-123p, VIDEO-Senate-Page]