Roel Campos, JD, partner in charge of Cooley Godward Kronish’s Washington, DC, office

• Former commissioner of the SEC, 2002–2007
• Served as the SEC’s liaison to the international regulatory community
• Member of president-elect Obama’s Transition Economic Advisory Board

“No country is going to give up its jurisdiction and its authority to an international group. It’s just not going to happen. The best we can hope for is a lot of cooperation, a lot of transparency, and all of the regulators constantly monitoring what the other is doing.”

John Allan James, adjunct professor of management and corporate governance at the Lubin School of Business, Pace University

• Created the first MBA-level course on comparative corporate governance
• Guest lecturer at World Economic Forum, Davos, Switzerland; United Nations Management Training Centre, Torino, Italy; and INSEAD, Fontainebleau, France
• Cochair of the first global conference on multinational companies and multinational unions, United Nations International Labour Organization Centre

“The Bank of England, the Federal Reserve, the Bank of Japan, the European Central Bank, and all the central bankers are talking about leverage now. So whether they are going to go back to Basel and sit around the table and agree, or whether they will get together in Pittsburgh at the G-20 Summit, I don’t know, but there is going to be an agreement on a global basis on a framework for leverage.”

Edward Kane, PhD, James F. Cleary Professor of Finance at the Carroll School of Management, Boston College

• Senior fellow at the FDIC’s Center for Financial Research
• Research associate at the National Bureau of Economic Research
• Founding member of the Shadow Financial Regulatory Committee

“What we have to do is build bridges internationally. There is no way we’re going to get a supranational regulator because of the fiscal consequences of mistakes going ultimately to taxpayers. There would have to be agreement on how the losses were funded before you would ever have agreement on the responsibilities.”

Henry R. Keizer, CPA, global head of audit at KPMG International

• US vice chairman of audit at KPMG LLP
• Member of the board of directors of the American Institute of Certified Public Accountants®

“Corporate directors need to be particularly sensitive to the changing regulatory and governance landscape. In light of the regulatory environment, some boards are identifying opportunities to strengthen their oversight.”

Paul Masson, PhD, research fellow and adjunct professor at the Rotman School of Management, University of Toronto

• Special advisor to the Bank of Canada
• Coauthor of The Monetary Geography of Africa (Brookings Institution Press 2004)
• Senior advisor at the IMF

“Conceptually it would be nice if we had a global regulator to do it all and make sure there was a level playing field, that none of these offshore activities were unregulated, but we live in a world where there aren’t powerful global institutions.”

Anna Monteiro, senior director of regulatory products at Wolters Kluwer Financial Services

• Former director of product strategy at Wolters Kluwer Financial Services Securities Compliance Solutions group

“If there was more regulation on a global level, compliance likely would be more difficult because one would not necessarily get rid of the other. And it would be harder because for some it would be a shift in thinking. Most countries are principal based versus rules based or prescriptive based, which is what the US follows. So someone is going to have to change.”

Jiro Okochi, CEO and cofounder of Reval

• Former head of derivatives sales at WestLB
• Frequent presenter at conferences, including EuroFinance, the Association for Financial Professionals, and Acumen

“I think people are focused on the instrument—derivatives—and making sure that reform catches every instance of how the instrument is used, which sounds good on paper. But how do you actually create that framework and implement it? We’re concerned that whatever reform occurs is a fair reform and doesn’t penalize companies for their use of derivatives that isn’t speculative.”

Ira Peppercorn, president of Ira Peppercorn International

• Former US deputy federal housing commissioner
• Former executive director of the Indiana Housing Finance Authority

“Even if you could get everyone in a room to agree about a particular aspect of regulation, there are still two issues. In regard to mortgage regulations, the regulations that existed were completely fragmented, and even if regulation had been completely coordinated, there were segments of the market that were not covered and continued to grow in good part because they were not covered.”

David Reiss, professor at the Brooklyn Law School

• Former visiting clinical associate professor at the Center for Social Justice, Seton Hall University School of Law
• Research interests include real estate finance and community development

“If you are too big to fail, you should be more highly regulated. Regulators should make the decision as to whether you’re too big to fail, and then effectively your regulation should increase and your capital requirements should increased. On an international level, multinational corporations that are extraordinarily large should be subjected to some international regulations and coordinated responses by regulators.”

David Rothkopf, visiting scholar at the Carnegie Endowment for International Peace

• Former deputy under secretary of commerce for international trade policy in the Clinton administration
• Author of Superclass: The Global Power Elite and the World They Are Making (Farrar, Straus, and Giroux 2009)
• President and CEO of Garten Rothkopf, an international advisory firm

“I think it is going to take another crisis before people realize that national regulatory systems are not up to the task of policing global markets. Nature abhors a vacuum. But risk loves a vacuum, and it is sucked into all those nooks and crannies in the global system where there is an absence in oversight or ineffective enforcement.”

Hal Scott, PhD, Nomura Professor of International Financial Systems at Harvard Law School

• Director of the Program on International Financial Systems at Harvard Law
• Director of the Committee on Capital Markets Regulation, a nonprofit organization formed to research and formulate regulatory improvement recommendations
• Author of International Finance: Transactions, Policy, and Regulation (Foundation Press 2008)

“If we want more effective international cooperation the first thing we have to do is to get a better structure here. And nobody wants that because of the politics. The politics prevents us from rationalizing our own system, which in turn makes international cooperation much harder, which makes future crisis much more likely.”

Peter J. Wallison, Arthur F. Burns Fellow in Financial Policies Studies at the American Enterprise Institute

• Member of the Shadow Financial Regulatory Committee
• Counsel to president Ronald Reagan, 1986–1987
• Author of Competitive Equity: A Better Way to Organize Mutual Funds (AEI Press 2007)

“I am very skeptical that any kind of international agreement among governments can occur on an issue as important as financial regulation. I think there might be some limited kinds of agreements between certain governments for mutual regulation of certain types of regulation, but an overarching comprehensive similar set of regulations is exceedingly unlikely.”

Peter Went, PhD, CFA, senior researcher at the GARP (Global Association of Risk Professionals) Research Center

• Coauthor of Foundations of Banking Risk: An Overview of Banking, Banking Risks and Risk-Based Banking Regulation (Wiley 2009)
• Fomer assistant professor of finance at Bucknell University, 2001–2007

“We will not avoid the next crisis. If we knew what the next crisis would be it would not be a crisis. We will have better rules to deal with the next crisis because we now know how to deal with a very significant and systemic banking crisis.”