Ross Levine on the quiet accumulation of risk in the US financial system

The risks building in the US financial system may not come from a single dramatic policy decision, but from the quiet accumulation of individually defensible changes that together encourage excessive risk-taking.

That was the warning from Stanford University economist Ross Levine, who said a series of regulatory and supervisory changes in the US are expanding explicit and implicit government backstops while weakening the mechanisms designed to constrain risk-taking.

In this live recording from the Fiduciary Investors Symposium, hosted by Top1000funds.com at Stanford University in September 2026, Levine examines the “quiet accumulation” of risk across the US financial system and what it could mean for institutional investors.