CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_16,_2008_Fed_Reserve/CHRG-110hhrg44901--105.txt In 2003 , I introduced the first legislation which sought to bring Fannie and Freddie and the Federal Home Loan Bank System under one strong regulator within the Federal Government . CongressionalHearings/Dodd-Frank/CHRG-111hhrg55809/CHRG-111hhrg55809--20.txt The Federal Reserve already has begun to incorporate a systemically focused approach into our supervision of large , interconnected firms . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,2010_Fed_Reserve/CHRG-111shrg62643--2.txt Indeed , Mr. Chairman , you sought those additional powers , and as a result , the Fed is central to maintaining our financial stability . 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 We can protect investors and oversee hedge funds in a responsible way that does not harm the competitiveness of U.S. markets . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--134.txt In a very real sense , the U.S. Government is now backing the world 's largest speculative investment funds -- without any effective oversight mechanisms . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--103.txt To that end , Congress should establish a Financial Company Resolution Fund -LRB- FCRF -RRB- to provide working capital and cover unanticipated losses for the resolution . CongressionalHearings/Dodd-Frank/CHRG-111shrg55278/CHRG-111shrg55278--115.txt The Administration proposal includes eight members on the Council : the Secretary of the Treasury -LRB- as Chairman -RRB- ; the Chairman of the Federal Reserve Board ; the Director of the National Bank Supervisor ; the Director of the Consumer Financial Protection Agency ; the Chairman of the Securities and Exchange Commission ; the Chairman of the Commodities Futures Trading Commission ; the Chairman of the FDIC ; and the Director of the Federal Housing Finance Agency . CongressionalHearings/TARP/CHRG-110hhrg46596/CHRG-110hhrg46596--64.txt Mr. Kashkari , '' Good morning , Mr. Chairman , Ranking Member Bachus , and members of the committee . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--132.txt We have a high level Firmwide Business Practices Committee which focuses on operational and reputational risk , including conflict management . CongressionalHearings/Dodd-Frank/CHRG-111shrg51303/CHRG-111shrg51303--178.txt Discussion then turned to possible Federal Reserve and Federal Government actions and consideration of the credit facility announced that night . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_Investment_Banks/CHRG-111shrg57322--865.txt Finally , Mr. Chairman , the Subcommittee is focused on the more specific issues revolving around the mortgage securitization market . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--245.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 . FCIC/FCICFinalReport/fcic_final_report_full--311.txt Among U.S. bank holding companies , the following institutions held enormous OTC derivatives positions as of June , : . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--129.txt Among the Federal banking agencies , the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation each are independent from Treasury for all purposes . CongressionalHearings/Dodd-Frank/CHRG-111shrg53822/CHRG-111shrg53822--92.txt In the FDIC 's view , uncertainty about government action and interventions has been a source of systemic risk . CongressionalHearings/Dodd-Frank/CHRG-111shrg51290/CHRG-111shrg51290--60.txt It also creates overlap and the potential conflict between the Federal banking agencies , which are responsible for mortgage lending activities , and the Federal Trade Commission . CongressionalHearings/Dodd-Frank/CHRG-111shrg51395/CHRG-111shrg51395--265.txt We support giving the financial markets stability regulator the authority to gather information from all U.S. financial institutions and markets in order to identify systemic risk and maintain financial stability . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--241.txt PREPARED STATEMENT OF PAUL A. VOLCKER Chairman , President 's Economic Recovery Advisory Board February 2 , 2010 Mr. Chairman , Members of the Banking Committee : You have an important responsibility in considering and acting upon a range of issues relevant to needed reform of the financial system . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt These agencies granted Federal banking charters whereas the FDIC and Federal Reserve have oversight regarding charters granted by the States . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt The Council is required to report to Congress each year on these risks and threats and to coordinate action by individual regulators to address them . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt Role for Congress -- Secretary Geithner , the Administration 's Proposal grants the Fed and several other agencies vast new powers . CongressionalHearings/Dodd-Frank/CHRG-111shrg54533/CHRG-111shrg54533--93.txt Fed v. Systemic Risk Regulator -- Secretary Geithner , despite strong opposition in Congress to expanding the powers of the Fed , the Administration has proposed doing just that . FOMC2008_csv/FOMC20080625meeting--82.txt MR. BULLARD. Recent data on the U.S. economy have been stronger than forecast , keeping economic performance weak but avoiding a particularly sharp contraction . CongressionalHearings/Dodd-Frank/CHRG-111shrg52966/CHRG-111shrg52966--71.txt The Federal Reserve is also the primary Federal supervisor of State-member banks , sharing supervisory responsibilities with State supervisory agencies . CongressionalHearings/Dodd-Frank/CHRG-111shrg54589/CHRG-111shrg54589--126.txt The Board believes that moving toward centralized clearing for most or all standardized OTC products would have significant benefits . CongressionalHearings/Dodd-Frank/CHRG-111hhrg52397/CHRG-111hhrg52397--230.txt By reducing liquidity on U.S. exchanges , this would undermine the Congress ' attempt to establish greater transparency , price discovery , and risk management of U.S. markets . CongressionalHearings/Dodd-Frank/CHRG-111hhrg54872/CHRG-111hhrg54872--163.txt Mr. Castle is right , a relatively small number of the bad subprime loans were made by depository institutions subsequent to the Community Reinvestment Act . 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 Housing Wealth : Chairman Bernanke , the recent decline in home prices in many parts of the country followed several years of extraordinary home price appreciation . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_22,2009_Fed_Reserve/CHRG-111shrg55117--3.txt The purpose of today 's hearing is to oversee the Federal Open Market Committee 's conduct of monetary policy . CongressionalHearings/Dodd-Frank/CHRG-111shrg55479/CHRG-111shrg55479--25.txt Three , regulatory failure by the banking regulators and the SEC in setting appropriate risk-based capital reserve requirements for investment in commercial banks . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_Feb_24,_2010_Fed_Reserve/CHRG-111hhrg56766--100.txt They have helped stabilize the money market mutual funds , commercial paper market , the repo market , many other important financial markets . CongressionalHearings/Dodd-Frank/CHRG-111shrg54589/CHRG-111shrg54589--124.txt To promote market integrity , the business conduct standards should include prohibitions on fraud , manipulation and other abusive practices . CongressionalHearings/Dodd-Frank/CHRG-111shrg56376/CHRG-111shrg56376--125.txt The continued ability of banks , thrifts , and other entities in the United States to compete in today 's global financial services marketplace is critical . CongressionalHearings/Dodd-Frank/CHRG-111shrg52619/CHRG-111shrg52619--167.txt Finally , in the on-going process to improve consumer protections , it is time to examine curtailing federal preemption of state consumer protection laws . CongressionalHearings/Dodd-Frank/CHRG-111hhrg51591/CHRG-111hhrg51591--22.txt Any new Federal role in insurance regulation should build on the industry 's very positive risk management characteristics and the current regulatory structure . CongressionalHearings/Dodd-Frank/CHRG-111shrg54675/CHRG-111shrg54675--94.txt From the outset of the credit crisis , the Federal Home Loan Banks have engaged to ensure liquidity to the financial system . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_Where_were_the_watchdogs?/CHRG-111shrg49488--3.txt Congress , working with the Administration , must act to help put in place regulatory reforms to help prevent future meltdowns like this one .