The Group of Thirty (G30) recently released a report of its Steering Committee, chaired by former Chairman of the Federal Reserve Board Paul Volcker, focusing on how the financial system might be organized, once the present crisis has passed, to better provide stability. “Financial Reform: A Framework for Financial Stability,” presents 18 recommendations for interrelated changes in policies, practices, and market standards, organized under the following four core recommendations: (i) gaps and weaknesses in the coverage of prudential regulation and supervision must be eliminated; (ii) the quality and effectiveness of prudential regulation and supervision must be improved; (iii) institutional policies and standards must be strengthened, with particular emphasis on standards for governance, risk management, capital, and liquidity; and (iv) financial markets and products must be made more transparent, with better-aligned risk and prudential incentives.