The American Bar Association has established a Task Force on Financial Markets Regulatory Reform, which has the following mission:
- To study and analyze the legal and regulatory implications of the recent financial crisis, especially as they relate to the practice of law and effective representation of clients;
- To review and evaluate relevant Association and Section policies concerning regulation of the U.S. financial markets in light of the recent financial crisis, and if appropriate, develop new policy proposals to the ABA House of Delegates or Board of Governors, or encourage appropriate Sections to develop their own new policies under the ABA's blanket authority process;
- To coordinate the ABA's response to regulatory developments that may occur in the U.S. financial markets as a result of recommendations of the President's Working Group on Financial Markets and other actions taken by the Federal Reserve, the Department of Treasury, the Securities and Exchange Commission and by other federal agencies with responsibility for regulating the U.S. financial markets, with a particular focus on matters that have an interagency dimension.
- To work closely with the ABA Governmental Affairs Office and other relevant ABA entities to respond to proposed federal legislation affecting the structure of regulation of the U.S. financial markets; and
- To provide information, analysis, and other assistance to the ABA President and other Association leaders on the various legal and policy issues relating to the recent financial crisis and the ABA's policy positions on these issues.