CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--3.txt Unfortunately , I believe the Administration 's proposal largely places the Federal Reserve in charge of regulating systemic risk . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_19,_2007_Fed_Reserve/CHRG-110shrg46629--123.txt As I discussed earlier , the Federal Reserve works very hard on all these disclosures for these sometimes complex financial products . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_19,_2007_Fed_Reserve/CHRG-110shrg46629--123.txt Mr. Chairman , FDIC has found that their Money Smart financial literacy program has resulted in positive behavioral change among consumers . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_24,_2009_Fed_Reserve/CHRG-111shrg50814--4.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--65.txt It might easily threaten the independence of the Federal Reserve in taking unpopular decisions to rein in the bubble economy . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53248/CHRG-111hhrg53248--27.txt 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. . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--10.txt The Federal Reserve has developed such expertise in its long experience supervising banks of all sizes , including community banks and regional banks . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--126.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-110hhrg45625/CHRG-110hhrg45625--52.txt At the Federal Reserve , we have sought to address financial market stresses with as minimal exposure for the U.S. taxpayer as possible . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53021/CHRG-111hhrg53021--348.txt Federal Reserve Programs The Federal Reserve has implemented a number of programs designed to stabilize financial markets since the onset of the crisis . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--233.txt 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 . CongressionalHearings/Other/House_Agriculture_Committee/HAC_-_Over_the_Counter/CHRG-111hhrg53021Oth--348.txt Federal Reserve Programs The Federal Reserve has implemented a number of programs designed to stabilize financial markets since the onset of the crisis . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_Feb_10,_2007_Fed_Reserve/CHRG-111hhrg48674--8.txt This authority added to the Federal Reserve Act of 1932 was intended to give the Federal Reserve the flexibility to respond to emergency conditions . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_Feb_10,_2007_Fed_Reserve/CHRG-111hhrg48674--8.txt I will also discuss the Federal Reserve 's ongoing efforts to inform the Congress and the public about these activities . CongressionalHearings/Dodd-Frank/CHRG-111shrg53085/CHRG-111shrg53085--213.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--13.txt 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 . CongressionalHearings/MonetaryPolicy/House_Banking_Committee/HB_-_June_3,_2009_Challenges_Facing_the_Economy:_View_from_Fed_Reserve/CHRG-111hhrg49968--4.txt I understand the complexity of issues affecting our economy and I respect the Federal Reserve 's various efforts to stabilize the current crisis . CongressionalHearings/Dodd-Frank/CHRG-111shrg51395/CHRG-111shrg51395--119.txt This is an issue that Congress should address in any legislation authorizing a SRR or enhancing the powers of the Federal Reserve . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--243.txt credit ratings introduced systemic risk into the U.S. financial system and constituted a key cause of the financial crisis . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--113.txt Would reducing the number of institutions supervised by the Federal Reserve have an impact on the FOMC 's activities ? FCIC/FCICFinalReport/fcic_final_report_full--311.txt Adequate information about the risks in this market was not available to market participants or government regulators like the Federal Re - serve . FOMC2008_csv/FOMC20081216meeting--3.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111shrg51290/CHRG-111shrg51290--67.txt This became a problem because Federal regulators did not replace the preempted State laws with strong Federal underwriting rules .1 . CongressionalHearings/Dodd-Frank/CHRG-111shrg53176/CHRG-111shrg53176--160.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt We have proposed that the Federal Reserve act as the consolidated supervisor of the largest and most interconnected financial firms . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt In testimony on July 14 , SEC Chairman Mary Schapiro addressed strengthening SEC examination and oversight and improving investor protection . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--113.txt Can you expect the Federal Reserve as systemic risk regulator to close Fannie and Freddie after Congress declines to act ? CongressionalHearings/Dodd-Frank/CHRG-111hhrg52406/CHRG-111hhrg52406--11.txt These products and institutions escape Federal regulation yet often lead to Federal problems such as our current economic and foreclosure crisis . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,2010_Fed_Reserve/CHRG-111shrg62643--230.txt The Federal Reserve 's legal authority largely limits Federal Reserve purchases of securities to Treasury , agency , and agency-guaranteed securities . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_28,_2008_Fed_Reserve/CHRG-110shrg50369--144.txt Commonly pledged assets include residential and commercial real estate loans , consumer loans , business loans , and a variety of securities . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_22,2009_Fed_Reserve/CHRG-111shrg55117--132.txt However , the Federal Reserve has made no decisions at this time on possible changes to its framework for monetary policy implementation.Q .5 . FCIC/FCICFinalReport/fcic_final_report_full--545.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53245/CHRG-111hhrg53245--21.txt Point number two : A key aspect of the reform is establishing the Federal Reserve as a systemic risk regulator . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_25,2010_Fed_Reserve/CHRG-111shrg61513--124.txt 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 . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_25,2010_Fed_Reserve/CHRG-111shrg61513--124.txt --------------------------------------------------------------------------- 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 . CongressionalHearings/Dodd-Frank/CHRG-111shrg52619/CHRG-111shrg52619--167.txt These standards must apply across all jurisdictions and issuers , otherwise gaps create competitive pressures to reduce standards , as we saw with mortgage lending standards . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt It would be a mistake to remove the Federal Reserve 's economic expertise from the country 's financial supervisory structure . FCIC/FCICFinalReport/fcic_final_report_full--623.txt Federal Reserve Board , `` Regulatory Reform : Usage of Federal Reserve Credit and Liquidity Facil - ities , '' PDCF . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--127.txt The Treasury Proposal would make these types of firms subject to the Bank Holding Company Act and supervision by the Federal Reserve Board . CongressionalHearings/Dodd-Frank/CHRG-111hhrg52400/CHRG-111hhrg52400--26.txt 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 . CongressionalHearings/Dodd-Frank/CHRG-111hhrg55814/CHRG-111hhrg55814--389.txt We 're also pleased to see that the Federal Reserve would be given a strong role in the regulation of systemically important financial companies .