Annette Nazareth, a partner in the Washington D.C. office of Davis Polk and former Securities and Exchange Commission member, was quoted in a recent article in Investment News regarding financial regulation. The article, entitled "Merging of Financial Regulators Not in Cards," discusses regulatory reform in the wake of the financial crisis.

"I suspect we’ll end up with a systemic-risk regulator, but with lots of functional regulators who will try to figure out whose job it is to do what,” Nazareth is quoted. She continued,  “Certainly, in the next few years, we’ll see more enforcement." The systemic-risk regulatory responsibility likely will be given to the Federal Reserve Bank, Ms. Nazareth said. “The systemic-risk regulator has to be able to control the ability to lend in on emergency basis to institutions that are in dire straits,” she said. “In other countries, the lender of last resort, or their central bank, has the ultimate authority.”

The article, written by Sue Asci, appeared on May 7, 2009.