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Publications & Presentations
Government Sponsored Enterprises (GSEs)
Books
Tom's books on government-sponsored enterprises include:
A State of Risk: Will Government Sponsored Enterprises be the Next Financial Crisis? HarperCollins, 1991
Concerns expressed in this book helped lead to enactment of several pieces of legislation to improve oversight of the safety and soundness of government sponsored enterprises and set new capital standards for their operations.
An independent scholar writes:
“…perhaps the most effective advocate for safety and soundness regulation has been a private individual: Thomas Stanton…Stanton’s 1991 book State of Risk and his personal lobbying were influential in the legislative process leading to the passage of the [1992 Federal Housing Enterprises Financial Safety and Soundness Act].” Jonathan G.S. Koppell, The Politics of Quasi-Government, Cambridge University Press, 2003, p. 107.
Government Sponsored Enterprises: Mercantilist Companies in the Modern World, AEI Press, 2002
A book review in Public Budgeting & Finance calls this book “authoritative” and “an indispensable tool for the public finance professor,” winter 2003, pp. 114-116
Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks: Why and How, written with Peter J. Wallison and Bert Ely, AEI Press, 2004
Tom's contribution was drafting the legal text of a proposed privatization law.
Other Publications
“Lessons from Public Administration: Recommendations for the Future of Fannie Mae and Freddie Mac and Other Aspects of Government’s Response to the Financial Debacle,” presentation to the 45th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2009
“Government-Sponsored Enterprises: Reality Catches up to Public Administration Theory,” Public Administration Review, in press, July/August, 2009
“Fannie Mae and Freddie Mac: What Happened and Where do We Go From Here?” Testimony presented to the Committee on Oversight and Government Reform, U.S. House of Representatives, December 9, 2008. The video of this testimony is found at: http://www.youtube.com/watch?v=FeMD8luEqrY.
“Viewpoint: Treat the GSEs Like Other Institutions,” American Banker, July 25, 2008
“Viewpoint: GSE Shareholder Bailout a Bad Idea,” American Banker, April 11, 2008
“Reducing Government Involvement in a Market: Lessons from the Privatization of Sallie Mae,” Public Budgeting & Finance, Spring 2008" An earlier version of the paper, presented at a conference of the American Enterprise Institute is “The Privatization of Sallie Mae and its Consequences”
“The Life Cycle of the Government-Sponsored Enterprise: Lessons for Design and Accountability,” Public Administration Review, September/October 2007
"When Government Isn't Exactly Government," Journal of Public Administration Research and Theory, Vol. 14, no. 3, pp. 435-437, July 2004
“A Fannie and Freddie for the 21st Century,” The Wall Street Journal, June 17, 2003
“Government Corporations and Government Sponsored Enterprises,” Chapter 3 in Tools of Government: A Guide to the New Governance, Lester M. Salamon, Editor, Oxford University Press, 2002 (coauthored with Ronald C. Moe)
“Government Sponsored Enterprises (GSEs): Why is Effective Government Supervision Hard to Achieve?” presentation to the 37th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2001
“Elements of Institutional Design in Financial Services Legislation,” presentation to the Fall 1999 Research Conference, Association for Public Policy and Management, Washington, DC, November 1999
"Commentary: Liquidity and Competition in Rural Credit Markets," Financing Rural America, Federal Reserve Bank of Kansas City, April 1997.
"Restructuring Fannie Mae and Freddie Mac: Framework and Policy Options," Studies on Privatizing Fannie Mae and Freddie Mac, US Department of Housing and Urban Development, May 1996.
"Improving the Design and Administration of Federal Credit Programs," The Financier: Analyses of Capital and Money Market Transactions, May 1996.
"Government-Sponsored Enterprises and the Transformation of the American Housing Finance System," Housing Finance International, September 1995.
"Government Sponsored Enterprises and Changing Markets: The Need for an Exit Strategy," The Financier: Analyses of Capital and Money Market Transactions, May 1995.
"Assessing Institutional Development: The Legal Framework That Shapes Public Institutions," in New Directions in Program Evaluation, World Bank (1995).
"Nonquantifiable Risks and Financial Institutions: The Mercantilist Legal Framework of Banks, Thrifts and Government-Sponsored Enterprises," in Global Risk Based Capital Regulations, edited by Professors Charles Stone and Anne Zissu, (Irwin Professional, 1994).
"Increasing the Accountability of Government-Sponsored Enterprises: First Steps," Public Administration Review, September/October 1990.
"Increasing the Accountability of Government-Sponsored Enterprises: Next Steps," Public Administration Review, November/December 1991.
"Federal Supervision of Safety and Soundness of Government-Sponsored Enterprises," The Administrative Law Journal, Summer 1991.
"Budgetary Consequences of Using a Government Sponsored Enterprise to Provide Financial Assistance to the Federal Savings and Loan Insurance Corporation," Public Budgeting & Finance, Autumn 1989.
"Government Sponsored Enterprises as Federal Instrumentalities: Reconciling Private Management with Public Accountability," Public Administration Review, July/August 1989 (Co-authored with Ronald C. Moe).
"Government Sponsored Enterprises: Their Benefits and Costs as Instruments of Federal Policy," published by the Banking Research Fund of the Association of Reserve City Bankers, April 1988.