top of page


Our regulatory insights and advocacy includes testimony before the U.S. Congress, videos, white papers, television appearances.  Below are some of the highlights.

Now at The Carfang Group and formerly with Treasury Strategies, a division of Novantas, Inc. Carfang has testified extensively in the U.S. Congress in appeared in the media discussing the impact of regulation on financial markets.  Here are highlights of that regulatory advocacy.

Comment Letter to Securities and Exchange Commission on Money Market Funds

The Carfang Group comments to the SEC on the President's Working Group report on the March 2020 Covid-induced market turbulence.  We reject the PWG's assertion that Prime Money Market Funds were a crisis accelerant.  We further demonstrate that the narrow scope of the report is an insufficient foundation upon which to base further regulation.

House Hearing on Banking Industry Regulations and Consumer Protection

Tony Carfang testifies at this House hearing on banking regulations.  Consultants like Carfang, along with financial regulators testified on implementing the Volcker Rule, which prevents federally insured institutions from investing in hedge and private equity funds. The rule was part of the 2010 financial regulations law.

Federal Support for Financial Institutions

Tony Carfang testifies at this Senate Banking Committee hearing, along with Paul Volcker, at this hearing on the topic of the Volcker Rule and "too big to fail".

The Impact of Regulation on Short-Term Financing: Congressional Hearing

Tony Carfang testifies before the U.S. House Committee on Financial Services.  This is an in depth look at the consequences of money fund regulations along with Basel III, Dodd-Frank and other regulations.  The Subcommittee on Capital Markets and Government-Sponsored Enterprises conducted this hearing on December 8, 2016.


First five minutes are Carfang's opening statement.  That is followed by questions to him from members of the committee.


Volcker Rule, Basel III and Dodd-Frank - Treasury Strategies Testifies in Congress

Tony Carfang testifies before House Financial Services Committee on the Dodd-Frank Act.  In his prepared comments, Carfang examines the six stated objectives of Dodd-Frank and offers recommendations on how to better achieve them.  He shows how Dodd-Frank, its Volcker Rule provision, the creation of FSOC and separate regulations like money fund reform and Basel III are choking economic growth.

Carfang discusses money fund reform, and financial / banking regulation on Kudlow.

CNBC's Larry Kudlow and Tony Carfang debate money market mutual fund financial regulations.  


Major regulatory changes are in the wind. Proposals from the Fed, SEC, US Treasury and the Paul Volcker Group of 30 report will have a major impact on banks, brokerages and money market mutual funds. This segment ponders some of those proposals.

In-Depth Look - Auction Rate Securities Remain Dead? - Bloomberg

This 2009 video classic brings back memories of an almost forgotten financial debacle, the $300 billion freezing up of the auction rate securities market.  Tony Carfang tells of corporate treasurers and institutional investors who believed that they were investing in short term securities with 7 - 35 day maturities, even as Treasury Strategies was warning its clients that these could easily turn into illiquid long term bond.  The rest is history.   Many of those companies are still holding the bonds today.

Are there enough T-Bills to meet
new regulatory requirements?

Are new financial regulations planting the seeds of the next crisis?  Tony Carfang and Scott Musial discuss a looming problem and present solutions to prevent market stress from becoming financial contagion. 

Making the "system" work for Main Street"

Carfang discusses the impact of financial regulation on capital formation and the smooth functional of the markets.

bottom of page