Paul Saltzman is the president of The Clearing House Association and executive vice president and general counsel of The Clearing House Payments Company, the oldest and largest private sector payments operator in the U.S. Under his stewardship, the Association has emerged as the advocacy leader for the largest commercial banks in the U.S. and has been recognized for its development of a research and data-driven approach to legislative and regulatory advocacy. Saltzman has 25 years of experience in financial services, industry association management, and emerging technology development. He served as the executive VP and general counsel for the Bond Market Association (now SIFMA), the managing director and general counsel of Ellington Management Group, and the executive VP and COO of eSpeed, Inc. Formerly, he was an in-house counsel for Greenwich Capital Markets and Kidder Peabody and Co., as well as an attorney specializing in structured finance at Skadden, Arps, Slate, Meagher & Flom LLP.
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Actual and prospective reforms are addressing the Too Big to Fail problem. Additional proposed reforms may harm growth and stability rather than enhance it, so costs/benefits should be carefully analyzed.
This white paper concludes that a Title II single point of entry private sector recapitalization provides a viable process for handling the failure of a large, complex financial institution without significant systemic consequences and without cost to taxpayers.
In response to a <em>Times</em> editorial, Saltzman gives reasons why the large banks do not enjoy a so-called government subsidy.