As Wall Street reflects on the state of the financial system one decade after the financial crisis, six former federal officials and prominent financial leaders discuss with CNBC the lessons learned and where new risks may lurk.
Roger Altman, founder and senior chairman of Evercore, told "Squawk Box" on Monday that financial crises have occurred "more frequently" over the course of the last three to four decades, and said "each one tends to come from a new place."
"You think you're going to fight the last war, like one always thinks, and a crisis comes from a completely different place, and the next one likely will," Altman said.
Daniel Tarullo, a professor of law at Harvard and former Federal Reserve Board member from 2009 to 2017, was instrumental in implementing financial regulations in the wake of the crisis. He told CNBC's "Squawk Box" on Monday that the rise of so-called shadow banking, or lending and other financial activities by unregulated bodies, is a concern of his.
"As everyone says, and I think it's true, it's very unlikely that we're going to have a financial dislocation or crisis because of subprime mortgages. It's going to be from some other source," Tarullo said, adding the Dodd-Frank Act did little to address shadow banking "insofar as the big banks have been involved with it."
Sheila Bair, who was chair of the U.S. Federal Deposit Insurance Corp. during the financial crisis, told "Squawk Box" on Monday that regulators ought to tighten, not loosen, regulations at this stage in the economic cycle.
"Corporations have taken on a lot of debt, and that's going to be harder to refinance as rates go up, and whether they've prepared for that, we don't know yet," Bair said.
Joseph LaVorgna, chief economist of the Americas at Natixis, told CNBC's "Squawk on the Street" on Monday that he's concerned the Federal Reserve might hike interest rates in reaction to "an inflation threat that's not there."
Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, told "Squawk Box" on Tuesday that he's also concerned about the rise of shadow banking in recent years. He said credit crises are, in a way, inevitable because "there's never the perfect balance between lending and borrowing."
Dan Gallagher, commissioner of the SEC from 2011 to 2015 under President Barack Obama, lamented Tuesday on "Squawk Box" about the Dodd-Frank Act. He believes it will not protect the U.S. from the next economic downturn.
"I've said it once, I've said it a thousand times. Dodd-Frank is a disaster. Dodd-Frank purported to be the response to the financial crisis. It unfortunately was, and is, still the law of the land and this notion that it's going to protect us from the next one is completely misplaced," he said.