mardi 10 mars 2015
A Stress Test For The New York Fed
Posted on 17:36 by nice news
Lately, a debate has erupted among Congress, bankers and the media about whether the Federal Reserve Bank of New York has accumulated too much power since the financial crisis and needs to be reined in.
Outgoing Dallas Fed President Richard Fisher has suggested the New York Fed be stripped of its authority over many of the largest banks because it is seen as too cozy with them. San Francisco Fed President John Williams has said he doesn’t believe there needs to be any changes.
In Congress, interest in reform is coming from both sides of the aisle. Alabama Republican Sen. Richard Shelby, the new chairman of the Senate Banking, Housing and Urban Affairs Committee, has said Fisher’s proposals deserve consideration. Democrat Jack Reed of Rhode Island has a bill to require Senate confirmation of the New York Fed’s president.
Fed Chairwoman Janet Yellen, meanwhile, has testified that she does not believe changes are necessary. In a speech last week, she detailed measures established in 2010, including stress tests to ensure banks have adequate capital, that have centralized supervision in Washington.
Outgoing Dallas Fed President Richard Fisher has suggested the New York Fed be stripped of its authority over many of the largest banks because it is seen as too cozy with them. San Francisco Fed President John Williams has said he doesn’t believe there needs to be any changes.
In Congress, interest in reform is coming from both sides of the aisle. Alabama Republican Sen. Richard Shelby, the new chairman of the Senate Banking, Housing and Urban Affairs Committee, has said Fisher’s proposals deserve consideration. Democrat Jack Reed of Rhode Island has a bill to require Senate confirmation of the New York Fed’s president.
Fed Chairwoman Janet Yellen, meanwhile, has testified that she does not believe changes are necessary. In a speech last week, she detailed measures established in 2010, including stress tests to ensure banks have adequate capital, that have centralized supervision in Washington.
A Stress Test For The New York Fed
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