Daniel Carpenter: belief

Transcript context

…Recapitalizing banks — it’s making them more valuable. It means the trading isn’t all that risky. Let’s go back to your original question, though, Tyler, because your original question was about procedure. To me, I guess I’d like to see open access. I’m not by any means saying, “Hey, we need to get rid of these meetings.” I do think we need to embed consumer and nonindustry perspectives more. What that might mean is inducing rule writers to more regularly meet with advisory committees — consumer, labor, other groups, folks like the group at Better Markets, Americans for Financial Reform, things like that. I’m not saying I agree with all of these folks, but I do think that, right now, all of our attention on notice-and-comment rulemaking — and for that matter, cost-benefit analysis as concomitant to it — misses the fact that there are people who are close observers of this space — and now a very empirically sophisticated observer in this space, Brian Libgober — who believe that most of the action is actually occurring before notice and comment starts. If we take, say, nuclear power regulation — do you think that giving all these groups you mentioned a bigger role in nuclear power regulation would improve the outcome or make it worse? It seems to me it would make it worse.…

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