The Committee on Capital Markets Regulation, co-chaired by Dean Glenn Hubbard, has released a comprehensive report that lays out a plan to reform the U.S. financial regulatory structure. The report, entitled, “The Global Financial Crisis: A Plan for Regulatory Reform,” is based on the committee’s year-long examination of the global financial crisis and deficiencies in the regulatory system.The committee identified four main objectives that an effective system must achieve:• Reduced systemic risk through more sensible and effective regulation.• Increased disclosure to protect investors and stabilize the market.• A unified regulatory system where lines of accountability are clear and transparency is improved.• International regulatory harmonization and cooperation.The committee’s plan contains 57 recommendations that address the shortcomings of the former system with proposals to reform capital requirements, create resolution procedures and other regulation for non-bank financial institutions, increase transparency and supervision around sophisticated financial instruments and improve accounting standards.“We are optimistic that in the wake of the worst financial crisis in our lifetime, policymakers will embrace bold reform,” Dean Glenn Hubbard said, speaking on behalf of the committee. “In today’s politically charged atmosphere, the expertise and diversity represented on this committee make these recommendations uniquely independent and consensus-driven.”The Committee on Capital Markets is an independent, nonpartisan research organization dedicated to improving the regulation and transparency of U.S. financial markets. It is co-chaired by Glenn Hubbard, Dean of Columbia Business School, and John L. Thornton, Chairman of the Brookings Institution. Hal S. Scott, Nomura Professor and Director of International Financial Systems at Harvard Law School, directs the committee.