Posted by: zanshin, 2009-06-18 04:14

Story

US reform 'will secure Chinese investment'

2009-06-18 (Thursday), People's Daily Online
A sweeping plan for financial regulation unveiled late last night (Beijing time) by US President Barack Obama will offer better protection to China's investments in that country, Chinese experts said yesterday.

"Only when the US financial markets start to stabilize can the safety of China's investment be secured, " Zhao Xijun, a professor at Renmin University of China, told China Daily.

Guo Tianyong, a professor at Central University of Finance and Economics, agreed.

"Financial stability is one of the necessary pre-conditions to restore China's confidence in its US investments," he said, referring to the government's $2 trillion foreign reserve, mostly held in dollar-denominated assets.

Under Obama's proposals, the US Federal Reserve has greater power to monitor risks that threaten the entire financial system - which is similar to the role performed by China's central bank, Zhao said.

"Despite the differences between the US and China in financial regulatory mechanisms, the Fed will function like the People's Bank of China (PBOC) in controlling systemic risk," he said. The PBOC, apart from managing monetary policy, also plays a key role in controlling systemic risk. The country also has three regulatory bodies for banking, securities and insurance industries.

The Obama administration has been discussing for six months how best to tighten bank and market regulation in response to the financial crisis.

Under the proposals:

An independent consumer financial products watchdog agency will be established, and financial firms be required to hold more capital so they can better survive tough times.

More transparency and accountability will be mandated for exotic financial markets that in recent years expanded far beyond the government's ability to keep track of them.

The government will be empowered to seize and unwind large, troubled companies that are not banks, modeling the process on the Federal Deposit Insurance Corp's existing power to unwind failing banks.

Markets for securitized debt and over-the-counter derivatives will be reined in, and there will be more regulation of money market mutual funds, credit rating agencies and hedge funds.

Changes to corporate governance will give shareholders more power to restrain executive compensation.

Months of debate in the US Congress lie ahead.

Committees of both the Senate and the House of Representatives have scheduled more than a dozen hearings on regulatory reform between now and mid-July.

"The US will have a systematic-financial-stability regulator. But we are not going to have a unified regulatory body like in Japan or the United Kingdom. We are going to be more like China, which has different regulators, but their role will be more clarified," David Loevinger, the Treasury's newly-appointed executive secretary told China Daily yesterday.

The US Treasury official stressed that the September G20 meeting will also be "an important part" of the Obama administration's financial reform.

"The G20 is a going to be a very important body going forward. Whatever we do in the US to strengthen our financial regulation and supervision

"We know we have to work with China and other critical partners to strengthen financial supervision," said Loevinger, who is also the senior coordinator for China affairs and the China-US Strategic and Economic Dialogue.

"We are seeing some risk stability and recovery in the US financial market, and risk premium is coming down. Financial markets are rising, and banks are beginning to lend to each other, and this are optimistic."

Yi Xianrong, an economist with the China Academy of Social Sciences, said: "The cumulative risk in the US requires financial regulation to be more dynamic, rather than static, which means it has to be sound enough to monitor the entire financial system. Letting the Fed play a bigger role in financial regulation is a move in the right direction."

But Sun Lijian, a professor at Fudan University in Shanghai, said the country should not rush in to copy US reforms.

"The US reform plan aims to fine-tune its financial sector and set financial innovation on a more sustainable and healthy development track," he said.

"In China, where financial innovation is still in its infancy, we must make sure that regulations are not too strict to stifle the vitality of the financial system."

Source:China Daily



Copyright by People's Daily Online

Comments


No comments yet.

Please login to post your comment.













All trademarks and copyrights on this page are owned by their respective owners.
Stories, Arguments and Comments are owned by the Poster.
The Rest copyright © 2007 Argumentations.com. All rights reserved. Argumentations.com provides material for research or educational purposes only. We do not warrant the correctness of its contents. The risk from using it lies entirely with the user. While using this site, you agree to have read and accepted our Terms of Use and Privacy Policy. Argumentations.com is far from perfect so if you have any critiques, questions, comments or problems about this site please tell us. Click here to send your feedback. And if you like Argumentations.com please link to this site. It will really help a lot.
   

Tags

China,   Finance,   G20,   Japan,   Obama,   Shanghai,   USA,  

Related statements

No results

View other suggested stories

Date added 
2009-02-16Walker's World: G7 rallies the ranks
2009-03-21The First-World Debt Crisis In Global Perspective
2009-03-24China's Way Forward
2008-12-29The World Economic Crisis: A Marxist Analysis
2008-11-08Finance chiefs eye first steps in revamping global system
2007-02-21IPOs Shun U.S. Exchanges While Wall Street Collects Record Fees
2007-03-28America Plundered by the Global Elite
2007-05-02Country Reports on Terrorism -- Chapter 2 -- Country Reports: East Asia and Pacific Overview
2007-09-25Chinese buy into conspiracy theory
2008-11-07Walker's World: Obama's first big test
2008-11-09Blueprint for Change -- Obama and Biden’s Plan for America
2008-11-08Momentum grows for global finance overhaul
2008-11-06Country Reports on Terrorism -- Chapter 2 -- Country Reports: East Asia and Pacific Overview
2008-11-01The End Of Arrogance -- America Loses Its Dominant Economic Role
2008-10-16Bailout Continues on Global Scale; Are We Becoming the Weimar Republic?; ACORN Facing Allegations of Voter Fraud
2008-11-11The Case for Restraint -- Foreign policy after George W. Bush
2008-11-14Towards a Grand Strategy for an Uncertain World -- Renewing Transatlantic Partnership
2008-11-18Naomi Klein on the Bailout Profiteers and the Multi-Trillion-Dollar Crime Scene
2008-11-20The Cold Peace
2008-11-2321st Century Strategies For Sustainability
2008-11-28America’s Economic Crisis Is Beyond The Reach of Traditional Solutions
2008-07-07Wrestling for influence
2008-07-08A Supersized Transfer of Wealth
2008-07-28The Proposed Iranian Oil Bourse
2008-09-12The Worsening Debt Crisis: Who Got Us into This Mess and What are the Real Political Options?
2008-01-11The $1.4 Trillion Question
2008-01-29Challenging a Unipolar World
2008-04-12Asia’s Republican Leanings
2008-06-18The Future of American Power -- How America Can Survive the Rise of the Rest
2008-06-18The Age of Nonpolarity -- What Will Follow U.S. Dominance
2008-06-24Chomsky Speaks -- On Iraq, Iran and Norman Finkelstein
2008-12-21Summit shows times have changed
2009-01-16The Year Ahead: 2009
2009-01-28Confidence evaporates, currency row brews at Davos
2009-01-31The blame game starts at Davos -- Analysis
2009-02-11The Great Crash, 2008 -- A Geopolitical Setback for the West
2009-03-23IMF Official: China's stimulus plan a great contribution to the world
2009-04-02Chinese, U.S. presidents meet in London on important issues
2009-02-23China’s dollar dilemma
2009-02-23What message has Hillary sent to Asia?
2009-02-24How the Economy was Lost -- Doomed by the Myths of Free Trade
2009-05-08The Trilateral Commission -- Membership 2008
2009-05-10Country Reports on Terrorism 2008 -- Chapter 2. Country Reports: East Asia and Pacific Overview
2009-10-12A chinese Economist's View Of The Global Financial Crisis
2007-10-22YOUR PAPERS, PLEASE!
2007-11-01Chindia Changes the Game
2007-11-06China to rule the world economy?
2007-11-10The rising tide: assessing the risks of climate change and human settlements in low elevation coastal zones
2007-11-11In the Wake of War: Geo-strategy, Terrorism, Oil Markets, and Domestic Politics
2007-11-14Why “Koodankulam Plus” Agreement was not Signed at Moscow?
2007-08-06The Global Drug Meta-Group: Drugs, Managed Violence, and the Russian 9/11
2007-08-08The Global War on Terrorism -- The First 100 Days
2007-08-14Perils of a new Pacific arms race
2007-08-15The Long Haul: Fighting and Funding America's Next Wars
2007-08-25As China Roars, Pollution Reaches Deadly Extremes
2007-09-02Remarks By The President At 2002 Graduation Exercise Of The United States Military Academy
2007-09-04China’s Threat to Russia
2007-11-23Power, passion, and neoliberalism
2007-11-28Does the Future Belong to China?
2007-11-29Impending Destruction of the US Economy
2007-12-08Australia says poor nations must help stop climate change
2007-12-10Bilderberg 2007: Welcome to the Lunatic Fringe
2007-05-02Country Reports on Terrorism -- Chapter 2 -- Country Reports: Europe and Eurasia Overview
2007-05-02Country Reports on Terrorism -- Chapter 2 -- Country Reports: South and Central Asia Overview
2007-05-01Scare-mongering
2007-05-02Country Reports on Terrorism -- Chapter 5 -- Terrorist Safe Havens (7120 Report)
2007-05-02Country Reports on Terrorism -- Chapter 6 -- Terrorist Organizations
2007-05-04The world in 2020
2007-05-01How Japan Imagines China and Sees Itself
2007-03-28Have Supercomputer, Will Travel
2007-04-11Wen, Abe Agree on Need for `Strategic Partnership'
2007-02-26Which Will It Be America, Empire or Democracy?
2007-02-28RUSSIA AND THE NEW COLD WAR -- When cowboys don't shoot straight
2007-03-01Heineken N.V. -- Encyclopedia Of Company Histories
2007-03-12The history of Heineken
2007-03-27Condi gets it right
2007-05-17Iraqi Contracts With Iran and China Concern U.S.
2007-06-12Building a New Consensus on China
2007-06-22Rice Talks With Journal's Editorial Board
2007-06-26New economic tigers Brazil, Russia, India and China overtake U.S. in dominating global energy industry, new study says
2007-07-06Gore slams U.S.-led climate pact as sham - interview
2007-07-10World’s financial community gives two fingers to the US
2007-07-10China's trade surplus surged to a record $26.9 billion in June
2007-07-12Republic or empire: A National Intelligence Estimate on the United States
2006-05-01The Wild Web of China: Sex and Drugs, Not Reform
2006-04-20The Next Iraqi War? Sectarianism and Civil Conflict
2006-08-23The Party of Davos
2006-08-24Foreign Affairs Magazine: The India Model
2006-09-20Why Savers Are Losers
2006-09-28China -- PART 1: Follies of fiddling with the yuan
2006-09-29China -- PART 2: Tequila trap beckons China
2006-10-03Transcript of a Press Conference on the World Economic Outlook Report
2006-10-08ICBC Seeks as Much as $19.1 Billion in Biggest IPO
2006-10-16Weapons of mass financial destruction
2006-10-17Blame China
2006-10-30IMF seeks talks to steer global soft landing
2006-11-02Mongolia Lures Hedge Funds as Mines Fuel Economy (Update1)
2006-11-03Demystifying Doha -- Making Sense of the WTO Agricultural Trade Talks
2006-11-12Dollar Drops This Week as China Says It Will Diversify Reserves
2006-11-14The World Economy: A Millennial Perspective -- Introduction and Summary
2006-11-17Milton Friedman, 94, Free-Market Theorist, Dies
2006-11-18Globalization: The Long-Run Big Picture
2006-11-19A Troubled River Mirrors China’s Path to Modernity
2006-11-26China's Economic Brawn Unsettles Japanese
2006-12-22Monday view: Airbus could trigger 'nuclear option' of currency controls
2007-01-14Natural Resources are Fuelling a New Cold War
2007-01-27The rise of China to rival U.S. may take longer as it sorts out domestic issues
2007-01-30The Proliferation Security Initiative: Coming in from the Cold
2007-02-04Al Gore Is a Greenhouse Gasbag
2009-10-12China-u.S. Strategic And Economic Dialogue Concludes
2009-10-13Thomas Greco’s The End Of Money And The Future Of Civilization -- Book Review
2009-10-13What Obama Isn't Telling American Workers -- The Consequences Of A Cheaper Dollar
2009-10-16Debacle In Moscow
2009-07-22Beyond Dependence: How To Deal With Russian Gas -- Policy Brief
2009-08-21Berlusconi Reiterates Support For G8 Expansion
2009-09-12Official: U.S. Agrees To Bilateral Talks With Dprk Within Six-party Context
2009-09-28Government Spending Is The Solution--not The Problem -- All Debt Is Not Created Equally
2009-05-10Country Reports on Terrorism 2008 -- Chapter 2. Country Reports: Europe and Eurasia Overview
2009-05-10Country Reports on Terrorism 2008 --
2009-05-08A Leadership Review of the Barack Obama Administration
2009-05-092000 Bank For International Settlements Report
2009-04-15DPRK to restart nuclear reactor
2009-05-20The Toll Booth Economy -- The Latest in Junk Economics
2009-06-09Cartoon Korea -- Filtered to Fit -- How The Media Keep Us Angry, Ignorant And Afraid
2009-06-18The (Geo)Politics of Emotion - Cultures of Hope
2009-06-20The Secret Wars Of The Cia -- Part 2
2009-06-27U.S., Germany speak out in "one voice" on global issues
2009-02-27Full Text of Human Rights Record of United States in 2008
2009-02-22The collapse of manufacturing
2009-03-02News Analysis: EU leaders say no to protectionism, pledge coordination on bailout
2009-03-28All Private Guns Will Be Confiscated By September 2009, US Tells Russia
2009-03-31Geithner: China's policy contributes to stabilizing int'l financial system
2009-03-23News analysis: EU takes different approach to financial crisis
2009-04-02Russia to insist on new reserve currency debate at G20
2009-04-13Pakistan To America: Back Off
2009-03-23Fed Planning 15-Fold Increase In US Monetary Base
2009-03-15Flushing the Parasites -- Reforming the Global Financial System
2009-03-15Squaring the Pentagon
2009-03-15U.S. president says China can have confidence in America's economy
2009-03-17G20 finance ministers hunt for effective solutions to crisis
2009-03-17Commentary: Reforming int'l financial organizations should be on G20's must-do list
2009-02-11Renewing American Leadership
2009-02-09The Wrong-way Corrigans who Engineered the U.S. Train Wreck
2009-02-12The Tumbrils Roll at Dawn
2009-02-05Transforming the Global Economy: Solutions for a Sustainable World -- The Schumacher lecture
2009-02-05Predictable Poverty: The Inevitable Legacy of a Neo-Liberal Europe
2009-02-01Preventing and Resolving Deadly Conflict: What Have We Learned?,
2009-01-30Why dealing with the huge debt overhang is so hard
2009-01-30The financial crisis and the future of financial regulation
2009-01-18North Korea says plutonium "weaponized" and off-limits
2009-01-21Iran: Breaking the Nuclear Deadlock -- A Chatham House Report
2009-01-23Obama's strong dollar policy may be for real
2009-01-23Russia says ready to work with U.S. on Afghanistan
2009-01-11Fare well, free trade
2008-12-20Barak Urges U.S. to Focus on Iran Nuclear Threat
2008-12-22Global Investing Economic Outlook for 2009
2008-12-22Timeline: Japan
2008-12-30As if Things Weren't Bad Enough, Russian Professor Predicts End of U.S.
2008-12-27Barack Obama: The Naked Emperor
2008-06-15THE GEOPOLITICS OF CHINA: A Great Power Enclosed
2008-06-11The History of the House of Rothschild
2008-06-13G8 set to warn oil, food price shock endangers world economy
2008-04-02China Set To Reduce Exposure To Dollar -- Move Would Probably Push Currency Down
2008-04-02Some Things Just Won't Change
2008-03-24The Collapse Of American Power
2008-04-24Revamping American Grand Strategy
2008-05-17Planned US Israeli Attack on Iran: Will there be a War against Iran?
2008-05-21The Real World: OPEC, Master of Universe
2008-01-31THE NEW WORLD ORDER' -- A Critique and Chronology
2008-02-04Going bankrupt: The US's greatest threat
2008-02-21A sorry Hollywood story
2008-03-04The Three Trillion Dollar War: Nobel Laureate Joseph Stiglitz and Harvard Economist Linda Bilmes on the True Cost of the US Invasion and Occupation of Iraq
2007-12-22Clinton on Foreign Policy at University of Nebraska
2007-12-22Iran - Nuclear Chronology - 1957-1985
2007-12-29Globalization and Cultural Encounters
2008-01-04Why Iraq? Oil and U.S. Foreign Policy
2008-09-12General Ivashov: “International terrorism does not exist”
2008-09-17Award winning economist says America has bankrupted itself with the Iraq war
2008-09-26Big world, big future, big NATO
2008-09-29The Roaring Nineties
2008-08-25The changes in the fight against illegal immigration in the Euro-Mediterranean area and in Euro-Mediterranean relations
2008-08-25The Worldwide Threat 2004: Challenges in a Changing Global Context
2008-08-26North Korea to suspend nuclear disablement
2008-09-02Stoking Tensions, Risking Confrontation: A High Stakes US Gamble with Russia
2008-07-30THE REAL VILLAIN IN THE HIGH COST OF OIL
2008-08-03Korea's No. 1 Money Manager Says Genghis Khan Model for Funds
2008-08-04How The United States Reversed Its Policy On Bombing Civilians
2008-08-04Economic Free Fall?
2008-07-16Nations with vast oil wealth gaining clout
2008-07-19It's a Class War, Stupid
2008-07-22The Failed States Index 2008
2008-11-30EU2020 essay Willing and able? -- EU defence in 2020
2008-11-24You Ain't Seen Nothing Yet -- Enter Geithner and Summers
2008-11-25Some Points on Understanding China's International Environment
2008-11-27A brave new world awaits
2008-12-19The economic Civil War
2008-12-19Will Berlusconi finish off the G8?
2008-11-24Why Obama Missed Bretton Woods II
2008-11-23The American Mission?
2008-11-20Russia And The New World Order -- The Geopolitical Project Of Pax Eurasiatica
2008-11-19The New Kleptocracy: Biggest "Giveaway" in American History
2008-11-17Hooray for the Global Crisis!
2008-11-17A World System in Collapse! -- Reply to Gen. Ivashov
2008-11-16Barack Obama’s Economic Agenda: Keeping America’s Promise -- Speech
2008-11-15Text of Bush's remarks on economic summit
2008-11-16Econ summit vows action _ takes few concrete steps
2008-10-22What “incredibly tough” foreign policy actions is Obama preparing?
2008-10-24The Causes of Economic Growth
2008-10-24Russia and the World in the 21st Century
2008-10-11G7 aims broad five-point action plan at global crisis
2008-10-31The Taiwan Challenge
2008-10-24The World Around Russia: 2017 -- An Outlook for the Midterm Future
2008-10-29Merkel seeks expert advice before G20 summit
2008-11-07Country Reports on Terrorism -- Chapter 2 -- Country Reports: Europe and Eurasia Overview
2008-11-05Post cold war Indian foreign policy
2008-11-10The 2008 Global Cities Index
2008-11-10The Global Grand Bargain
2008-11-10The US's geopolitical nightmare
2008-11-08G-20 Urges Stimulus to Ease Impact of Global Slump
2007-01-25MIDDLE EAST - Timeline of recent developments
2007-02-12How the Baby Boomers Almost Saved the World ...and why they failed
2007-01-11To Counter Iran’s Role in Iraq, Bush Moves Beyond Diplomacy
2007-01-11Thomas P.M. Barnett: The Worldchanging Interview
2007-01-23Stop the Next War `- Before it starts. Support H. J. Resolution 14
2007-01-24President Bush’s State of the Union Address
2006-12-312006 revisited - The year in international broadcasting
2006-12-16Westinghouse Wins $5.3 Billion China Nuclear Contract (Update3)
2006-12-18“Bush’s Dream”
2006-12-19Vladimir Putin's Russia - Don't mess with Russia
2006-12-13What the U.S. Really Learned From World War II
2006-12-11Urbanizing War/Militarizing Cities - The city as strategic site
2006-12-12BEIJING’S NEW GRAND STRATEGY: AN OFFENSIVE WITH EXTRA-MILITARY INSTRUMENTS
2006-12-26The Great Game on a razor's edge
2006-12-31China Offers Glimpse of Rationale Behind Its Military Policies
2007-01-01Tribes: How Race, Religion and Identity Determine Success in the New Global Economy. By Joel Kotkin
2007-01-03Homeland security generates multibillion dollar business
2007-01-07New Ripples And Responses To China’s Water Woes
2007-01-08Time for Asia to Kick Its Strong-Dollar Habit: William Pesek
2006-11-24Snubs and opportunities
2006-11-23Russia keen to join SAARC as observer
2006-11-21Clash of the Titans
2006-11-19Hazards of Oz
2006-11-22Will Chinese forex lose its value?
2006-11-22Full text: Vladimir Putin interview
2006-11-24American Power Moves Beyond the Mere Super
2006-11-26What's Liquidity? Is There Too Much, Too Little?: Caroline Baum
2006-12-02Everybody's problem
2006-12-03BEIJING’S STRATEGY OF SEA DENIAL
2006-12-03Baghdad Year Zero - Pillaging Iraq in pursuit of a neocon utopia
2006-12-04Afghanistan: No blood for oil - this time
2006-12-09China Shows Signs of Shedding Modesty
2006-11-16Bush is no lame duck for Moscow
2006-11-14South Korea Faces Risk of Japan-Like Lost Decade: William Pesek
2006-11-14Grand Strategy as Order Building
2006-11-18APEC Leaders Say They're Ready to Break Doha Deadlock (Update2)
2006-11-18IMF's De Rato Says U.S. Housing Slowdown Is a Risk (Update3)
2006-11-18Bush, Roh Urge North Korea to Abandon Nuclear Arms (Update4)
2006-11-09Why Export Democracy?: The 'Hidden Grand Strategy' of American Foreign Policy'
2006-11-04Optimism Turns to Anxiety On Curbing Nuclear Arms
2006-11-05As It Returns to Negotiations, North Korea Lashes Out at Japan
2006-11-05Empire Falls
2006-11-06Bonus Pay for Wall Street Big Five Surges to Record $36 Billion
2006-11-07Forget Asia's Stats -- It's All About Politics: William Pesek
2006-11-01China Injects Urgency in North Korean Nuclear Dispute (Update1)
2006-11-01The Last Days of the Dollar
2006-10-30China-Africa trade jumps by 39%
2006-10-31Iraq and the Problem of Peak Oil
2006-10-17South Korea Stripped of Defenses
2006-10-18The Clash of Cultures and American Hegemony
2006-10-25A Different Tactic for Rice: Speaking Softly Without the Stick
2006-10-25Radioactive Nationalism
2006-10-25The Next Job Outsourced to India Could Be Yours: Mark Gilbert
2006-10-26President Bush on Iraq
2006-10-26The North Korean nightmare
2006-10-27Dick Cheney’s Song of America
2006-10-16N. Korean Threat Different for China
2006-10-14China and Russia Stall Sanctions on North Korea
2006-10-14South Korea Grapples With Competing Pressures as It Weighs Its Response to North Korea
2006-10-16Setback for nonproliferation
2006-10-17How Globalization Drives Down Western Wages
2006-10-17After the vote, U.S. works on enforcement
2006-10-17U.S. takes special aim at Kumgang tourism
2006-10-11Real, failure or fake?
2006-10-10Searching for a Strategy: The Bush-Roh Summit -- Brookings Northeast Asia Commentary, September 2006
2006-10-10Rebottling North Korea's nuclear genie
2006-10-13The search for Pyongyang’s pressure point
2006-10-13China cannot escape threat of a nuclear North Korea
2006-10-07The Gumps of August
2006-10-09Kim Jong-il and His Quest for the Magical Atom Bomb
2006-10-09The Anglo-American War of Terror: An Overview
2006-10-09The Emerging Russian Giant Plays its Cards Strategically
2006-10-10Russia Seeks Greater Economic Influence in Europe
2006-10-10World Conquest : The Heartland Theory of Halford J. Mackinder
2006-10-10North Korea Tested an Atom Bomb; Now What? -- Four potential scenarios—all bad
2006-10-10A Nuclear North Korea Is a Gift to Investors: Andy Mukherjee
2006-10-03Transcript of a Press Briefing on the Analytic Chapters of the World Economic Outlook
2006-10-04The Geopolitics of Natural Gas
2006-09-29The international financial crisis - International Solutions - interview with hedge fund manager George Soros
2006-09-30A Short History of Neo-liberalism - Twenty Years of Elite Economics and Emerging Opportunities for Structural Change
2006-10-03A Rising Tide Lifts All Boats: How Europe, by Promoting Growth, Can Help Itself and Help the World
2006-09-24Full text of Bashar Assad's interview with Kuwait daily 'Al-Anbaa'
2006-09-09United States Secretary of State Colin Powell discusses recent concerns
2006-09-12The Nation That Fell to Earth
2006-08-24The United States of America will cease to exist on February 5th, 2006
2006-08-21Call to speed SE Asian common market
2006-08-21Plan B for world trade
2006-08-29Report: North has built 9 missile bases since 1994
2006-09-03The World According to China
2006-09-03Is China a Military Threat? - Interview - David Shambaugh