Unfortunately , I believe the Administration 's proposal largely places the Federal Reserve in charge of regulating systemic risk .
As I discussed earlier , the Federal Reserve works very hard on all these disclosures for these sometimes complex financial products .
Mr. Chairman , FDIC has found that their Money Smart financial literacy program has resulted in positive behavioral change among consumers .
Given the scope of the Federal Reserve 's recent actions , it seems unlikely that any future student will conclude that today 's Federal Reserve was too timid in the face of this crisis , Mr. Chairman .
It might easily threaten the independence of the Federal Reserve in taking unpopular decisions to rein in the bubble economy .
Our proposed Financial Services Oversight Council would bring together the heads of all the major Federal financial regulatory agencies , including the Federal Reserve , the SEC , etc. .
The Federal Reserve has developed such expertise in its long experience supervising banks of all sizes , including community banks and regional banks .
Given the dwindling size of the Federal thrift industry , it makes sense to consider merging the Federal thrift charter into a single Federal depository institution charter.Q .5 .
At the Federal Reserve , we have sought to address financial market stresses with as minimal exposure for the U.S. taxpayer as possible .
Federal Reserve Programs The Federal Reserve has implemented a number of programs designed to stabilize financial markets since the onset of the crisis .
The Federal Reserve and FDIC complain that they can not properly do their jobs unless they remain the primary Federal regulator of some fraction of the banking industry .
Federal Reserve Programs The Federal Reserve has implemented a number of programs designed to stabilize financial markets since the onset of the crisis .
This authority added to the Federal Reserve Act of 1932 was intended to give the Federal Reserve the flexibility to respond to emergency conditions .
I will also discuss the Federal Reserve 's ongoing efforts to inform the Congress and the public about these activities .
Federal Reserve Board Chairman Bernanke has noted that the incentives , capital requirements , and other risk management requirements must be tight for any institution so large that its failure would pose a systemic risk .
Commercial banks enjoy a Federal Government safety net in the form of access to Federal deposit insurance , the Federal Reserve discount window , and Federal Reserve payment systems .
I understand the complexity of issues affecting our economy and I respect the Federal Reserve 's various efforts to stabilize the current crisis .
This is an issue that Congress should address in any legislation authorizing a SRR or enhancing the powers of the Federal Reserve .
credit ratings introduced systemic risk into the U.S. financial system and constituted a key cause of the financial crisis .
Would reducing the number of institutions supervised by the Federal Reserve have an impact on the FOMC 's activities ?
Adequate information about the risks in this market was not available to market participants or government regulators like the Federal Re - serve .
MR. DUDLEY.
In those areas in which the federal government , including the Federal Reserve , has applied the most force , the situation has generally stabilized or improved .
This became a problem because Federal regulators did not replace the preempted State laws with strong Federal underwriting rules .1 .
The Federal Reserve Board -- Many people believe the Federal Reserve Board -LRB- the `` Fed '' -RRB- is the most logical body to serve as systemic risk overseer .
We have proposed that the Federal Reserve act as the consolidated supervisor of the largest and most interconnected financial firms .
In testimony on July 14 , SEC Chairman Mary Schapiro addressed strengthening SEC examination and oversight and improving investor protection .
Can you expect the Federal Reserve as systemic risk regulator to close Fannie and Freddie after Congress declines to act ?
These products and institutions escape Federal regulation yet often lead to Federal problems such as our current economic and foreclosure crisis .
The Federal Reserve 's legal authority largely limits Federal Reserve purchases of securities to Treasury , agency , and agency-guaranteed securities .
Commonly pledged assets include residential and commercial real estate loans , consumer loans , business loans , and a variety of securities .
However , the Federal Reserve has made no decisions at this time on possible changes to its framework for monetary policy implementation.Q .5 .
Federal Reserve Bank of New York One of regional Federal Reserve Banks , with responsibility for regulating bank holding companies in New York State and nearby areas .
Point number two : A key aspect of the reform is establishing the Federal Reserve as a systemic risk regulator .
The Federal Reserve has not purchased debt of the government of Greece nor has the Federal Reserve purchased the debt of any Greek financial institution .
--------------------------------------------------------------------------- Most importantly , in October 2008 the Congress gave statutory authority to the Federal Reserve to pay interest on banks ' holdings of reserve balances at Federal Reserve Banks .
These standards must apply across all jurisdictions and issuers , otherwise gaps create competitive pressures to reduce standards , as we saw with mortgage lending standards .
It would be a mistake to remove the Federal Reserve 's economic expertise from the country 's financial supervisory structure .
Federal Reserve Board , `` Regulatory Reform : Usage of Federal Reserve Credit and Liquidity Facil - ities , '' PDCF .
The Treasury Proposal would make these types of firms subject to the Bank Holding Company Act and supervision by the Federal Reserve Board .
We believe a comprehensive approach to Federal financial services modernization will not be complete unless it also includes a broader Federal insurance presence that encompasses Federal chartering for insurers .
We 're also pleased to see that the Federal Reserve would be given a strong role in the regulation of systemically important financial companies .