Thomas Durkin has specialized in the economics and regulation of consumer financial services, in the federal government as Senior Economist at the Federal Reserve Board, in the academic area as Associate Professor of Finance at the Pennsylvania State University, and in the private sector as Chief Economist of the American Financial Services Association. Gregory Elliehausen has also specialized in the economics and regulation of consumer financial services, in the federal government as Economist at the Board of Governors of the Federal Reserve System for more than twenty years and in the academic sector as Senior Research Scholar at Georgetown University and the George Washington University.
<br> Information is crucial to the effective operation of consumer financial markets. Durkin and Elliehausen have provided a valuable and comprehensive analysis of an important but often neglected topic, namely, required disclosures from financial services firms. Their analysis will play a significant role in the ongoing debate about making those disclosures less legalistic and more useful to consumers. --Randall S. Kroszner, Norman R. Bobins Professor of Economics, The University of Chicago <br> This is a very comprehensive and insightful text by respected and experienced regulatory economists on the proper economic and behavioral goals that should inform the regulatory implementation and interpretation of the consumer disclosure mandates of the Truth in Lending Act. Their extensive analysis convincingly suggests that to avoid an overly complex and costly regulatory regime, Congress, and the regulators, should focus on the comparison of the cost of credit, including a better desig