Barofsky: Financial System Probably Safer Than 2008

The speaker reflects on a successful program with minimal fraud, considering it a career highlight. They discuss the shift of economic responsibility to the Federal Reserve, noting the political disengagement. The aftermath of Dodd-Frank is critiqued for over-reliance on regulators, who are now tasked with safeguarding the financial system despite past failures. The speaker acknowledges improvements since 2008 but questions the heavy reliance on regulators.

What does the speaker consider a high point of their career?

• The outsourcing of financial regulation

• The passing of the Dodd-Frank Act

• The minimal fraud in a large program

• The creation of the Federal Reserve

What is the speaker's view on the current role of the Federal Reserve?

• It is a natural progression

• It is surprising and unexpected

• It is a result of political decisions

• It is a temporary measure

What decision did Congress and the President make regarding financial regulation?

• To delegate oversight to regulators

• To outsource regulation to external agencies

• To abolish the Federal Reserve

• To increase government oversight

What is the speaker's concern about the regulators?

• They are overly strict

• They are too lenient

• They have never succeeded in such tasks before

• They have too much experience

How does the speaker describe the current state of the financial system?

• In a state of crisis

• More unstable than in 2008

• Safer than in 2008

• Completely secure