Bernanke: Stronger Financial Regulation Needed
In testimony before Rep. Barney Frank's (D-Mass.) Financial Services Committee underway right now, Fed Chairman Ben Bernanke laid out a five-point plan for regulatory reform in the financial sector:
1. All financial institutions -- not just banks -- should have regulator oversight.
2. An oversight council of financial regulatory agencies should "monitor and identify emerging risks to financial stability.
3. Wind-down authority for troubled financial institutions like AIG like the FDIC has for failed banks, something Bernanke has been calling for for a year.
4. Better oversight for payment, clearing and settlement arrangements, the oil in the financial engine.
5. Stronger consumer protection from fraudulent financial products and schemes, through Bernanke stops short of calling for the creation of a consumer financial protection agency of the sort President Obama wants.
You can read the entire text of Bernanke's testimony by clicking here.
-- Frank Ahrens
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October 1, 2009; 9:26 AM ET
Categories: The Ticker | Tags: Barney Frank, Ben Bernanke
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