AUTHOR'S NOTE: I gratefully acknowledge comments and suggestions from Garrett Glasgow, M. Stephen Weatherford, Jane Rudolph, and Paul Quirk.
Persistent Leadership: Presidents and the Evolution of U.S. Financial Reform, 1970-2007
Version of Record online: 23 FEB 2012
© 2012 Center for the Study of the Presidency
Presidential Studies Quarterly
Special Issue: The Presidency and Economic Governance in Hazardous Times
Volume 42, Issue 1, pages 60–80, March 2012
How to Cite
WOOLLEY, J. T. (2012), Persistent Leadership: Presidents and the Evolution of U.S. Financial Reform, 1970-2007. Presidential Studies Quarterly, 42: 60–80. doi: 10.1111/j.1741-5705.2012.03941.x
- Issue online: 23 FEB 2012
- Version of Record online: 23 FEB 2012
Between 1970 and 2007, presidents of both parties consistently and actively supported financial deregulation. Given the low visibility and relatively technical nature of the issues, presidents saw deregulation as the best way to respond to technical innovation in the industry and disruptions caused by inflation. This history suggests several lessons for students of the role of presidents in policy making. Presidents can be active in promoting policy reform even though standard methods for defining the presidential agenda do not reveal this fact. We see presidential engagement reflected in White House statements both before and after legislation is passed, and in White House use of study reports and messages to shape an elite consensus.