CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--117.txt We would anticipate that the Systemic Risk Council , in conjunction with the Federal Reserve would develop definitions for systemic risk . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--6.txt Finally , Mr. Chairman , a fourth priority is to address the basic vulnerabilities and our capacity to manage future crises . CongressionalHearings/Dodd-Frank/CHRG-111shrg382/CHRG-111shrg382--43.txt Treasury Secretary Geithner and Federal Reserve Chairman Bernanke represent the United States at meetings of the G-20 Finance Ministers and Central Bank Governors . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--103.txt The Administration 's plan gives the role of Chairman of the Financial Services Oversight Council to the Secretary of the Treasury . CongressionalHearings/Dodd-Frank/CHRG-110hhrg46591/CHRG-110hhrg46591--44.txt Mr. Seligman , '' Mr. Chairman , we have reached a moment of discontinuity in our Federal and State systems of financial regulation that will require a comprehensive reorganization . CongressionalHearings/Dodd-Frank/CHRG-111shrg52619/CHRG-111shrg52619--171.txt --------------------------------------------------------------------------- Based on the results of these and other efforts , the Federal Reserve is taking steps to improve regulatory requirements and risk management at regulated institutions . CongressionalHearings/TARP/CHRG-110shrg50414/CHRG-110shrg50414--38.txt Members of Congress , the GAO , the Treasury Inspector General , and the public must review the activities of Treasury authorized by this proposed act . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--122.txt Enhancement of the Federal Reserve 's Supervision of Systemically Significant Financial Holding Companies The Federal Reserve Board already has strong authority as consolidated supervisor to identify and address problems at large , systemically significant bank holding companies . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--14.txt And yesterday Secretary Paulson said , well , let us focus on auto loans and credit card loans and small business loans . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--14.txt Mr. Chairman , the Government 's assistance has to include significant help from Main Street as well as Wall Street . CongressionalHearings/Dodd-Frank/CHRG-111shrg53085/CHRG-111shrg53085--213.txt A change in federal regulatory culture is essential Consumer advocates have long noted that federal banking agencies give insufficient attention to achieving effective consumer protection . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48875/CHRG-111hhrg48875--7.txt And , Mr. Secretary , I know you have talked about the need for an FDIC-like resolution authority for large , non-bank , financial institutions . CongressionalHearings/Dodd-Frank/CHRG-111hhrg55814/CHRG-111hhrg55814--29.txt Secretary Geithner , '' Congressman , the central imperative is to make sure that institutions that could threaten the stability of the system are held to tougher constraints on leverage and risk-taking . '' CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--231.txt Having the CFPA functions within the SEC is my first choice , but if Congress decides against this approach , I could support a standalone agency . 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 . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--153.txt I do n't see why the debate should change as a result of the marginal increase in supervisory reach under the Treasury proposal . CongressionalHearings/Dodd-Frank/CHRG-111shrg54589/CHRG-111shrg54589--123.txt My testimony today on the regulation of OTC derivatives will reflect the SEC 's perspective as the country 's capital markets regulator . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53238/CHRG-111hhrg53238--52.txt ICBA urges Congress to add an Assistant Secretary for Community Financial Institutions at the Treasury Department to provide an internal voice for Main Street concerns . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--91.txt Promote Robust Supervision and Regulation of Financial Firms In the years leading up to the current financial crisis , risks built up dangerously in our financial system . CongressionalHearings/Dodd-Frank/CHRG-111hhrg55814/CHRG-111hhrg55814--24.txt The Chairman , '' The Secretary of the Treasury is now recognized for his statement.STATEMENT OF THE HONORABLE TIMOTHY F. GEITHNER , SECRETARY , U.S. CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--45.txt Phillip L. Swagel -- Assistant Secretary for Economic Policy at the U.S. Treasury during crisis -- Brookings Papers March , 2009 . 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/TARP/CHRG-110shrg50416/CHRG-110shrg50416--20.txt The Financial Stability Oversight Board has already met several times and they selected Chairman Bernanke to serve as Chairman of the Oversight Board . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt Role of the Fed -- Secretary Geithner , the Administration proposes to expand the Fed 's powers by giving it authority to regulate systemically significant nonbank financial institutions . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt Citigroup -- Secretary Geithner , you mentioned AIG and Lehman as being examples of untenable options for firms nearing failure during a financial crisis . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt Expertise of the Fed -- Secretary Geithner , the Administration 's Proposal chooses to grant the Fed authority to regulate systemic risk because it `` has the most experience '' to regulate systemically significant institutions . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--161.txt I think this loss of Federal Reserve independence is a serious issue , especially at this time of rapidly growing Federal debt and greatly expanded Federal Reserve balance sheet . CongressionalHearings/Dodd-Frank/CHRG-111shrg52966/CHRG-111shrg52966--77.txt --------------------------------------------------------------------------- In addition , Federal law provides the Federal banking agencies important enforcement tools to ensure that banking organizations remain safe and sound , including by maintaining adequate capital . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48873/CHRG-111hhrg48873--418.txt Secretary Geithner , '' I believe that neither the entire entity nor that particular division was subject to an effective framework of oversight with broad authority and appropriate sophistication in the exercise -- '' CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--112.txt The Fed should consult regularly with the Treasury and other regulators -LRB- perhaps in a Financial Services Oversight Council -RRB- , but should have the lead responsibility . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48875/CHRG-111hhrg48875--275.txt Secretary Geithner , '' We laid out a broad set of proposals in the legislation and a broad set of principle standards for determining what a systemic risk authority would cover -- '' 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-111hhrg48875/CHRG-111hhrg48875--131.txt Secretary Geithner , '' And that 's one reason why Congress acted to put in place a stronger framework of supervision going forward with a stronger conservatorship authority . 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-111hhrg52400/CHRG-111hhrg52400--31.txt Mr. Chairman , there are a number of ideas being considered on how to address insurance in the context of overall regulatory reform . 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-111shrg50564/CHRG-111shrg50564--561.txt As Chairman of the G-30 , can you go into greater detail about the report 's recommended reestablishment of a framework for supervision over large international insurers ? 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 .