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25 Yale J. on Reg. 315 (2008)
Bringing Financial Services Regulation into the Twenty-First Century

handle is hein.journals/yjor25 and id is 319 raw text is: Bringing Financial Services Regulation into the
Twenty-First Century
Harvey L. Pitt t
A gracious good evening to you.
I am pleased to help celebrate the twenty-fifth anniversary of the Yale
Journal on Regulation. Over the past twenty-five years, the Yale Journal on
Regulation has published hundreds of thoughtful articles on a wide array of
regulatory  issues-such as airline' and telecommunications2 deregulation,
consumer protection,3 and pesticide regulation.4 It fills a very          vital and
necessary niche for regulatory aficionados like me. Looking back, however, the
Journal's earlier years evince a limited focus on corporate law and governance
and securities regulation-areas near and dear to my heart. There have been
several on bankin g topics by my very good friend and colleague, Deputy Dean
Jonathan Macey, three on governance and securities topics by Professor
Roberta Romano,6 and even one, way back when, that I co-authored,7 as well
t B.A., 1965, City University of New York (Brooklyn College); J.D., 1968, St. John's University
School of Law; LL.D. (Hon.), 2002, St. John's University School of Law. Mr. Pitt was the 26th
Chairman of the U.S. Securities and Exchange Commission, serving from 2001-2003. He is now the
Chief Executive Officer of Kalorama Partners, LLC, a global business consulting firm. He is also an
adjunct lecturer at the Yale Law School.
I   See, e.g., Robert W. Crandall & J. Gregory Sidak, Is Structural Separation of Incumbent
Local Exchange Carriers Necessary for Competition?, 19 YALE J. ON REG. 335 (2002); Michael E.
Levine, Why Weren't the Airlines Regulated?, 23 YALE J. ON REG. 269 (2006).
2   See, e.g., Alfred E. Kahn, Deregulation: Looking Backward and Looking Forward, 7 YALE
J. ON REG. 325 (1990); Howard A. Shelanski, Adjusting Regulation to Competition: Toward a New
Model of U.S. Telecommunications Policy, 24 YALE J. ON REG. 55 (2007); J. Gregory Sidak, The
Failure of Good Intentions: The WorldCom Fraud and the Collapse of American Telecommunications
After Deregulation, 20 YALE J. ON REG. 207 (2003).
3   See, e.g., Ian Ayres & Matthew Funk, Marketing Privacy, 20 YALE J. ON REG. 77 (2003);
Michael S. Barr, Banking the Poor, 21 YALE J. ON REG. 121 (2004).
4   See, e.g., Joseph Frueh, Comment, Pesticides, Preemption, and the Return of Tort
Protection, 23 YALE J. ON REG. 299 (2006).
5   See, e.g., Jonathan R. Macey & Elizabeth H. Garrett, Market Discipline by Depositors: A
Summary of the Theoretical and Empirical Arguments, 5 YALE J. ON REG. 215 (1988); Jonathan R.
Macey & Geoffrey P. Miller, Deposit Insurance, the Implicit Regulatory Contract, and the Mismatch in
the Term Structure of Banks 'Assets and Liabilities, 12 YALE J. ON REG. 1 (1995).
6    Roberta Romano, A Guide to Takeovers: Theory, Evidence, and Regulation, 9 YALE J. ON
REG. 119 (1992); Roberta Romano, Less Is More: Making Institutional Investor Activism a Valuable
Mechanism of Corporate Governance, 18 YALE J. ON REG. 174 (2001); Roberta Romano, The Political
Dynamics of Derivative Securities Regulation, 14 YALE J. ON REG. 279 (1997).

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