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PREPARED TESTIMONY OF FEDERAL RESERVE BOARD CHAIRMAN BEN BERNANKE BEFORE THE SENATE BANKING, HOUSING AND URBAN AFFAIRS COMMITTEE
SUBJECT: "DODD-FRANK IMPLEMENTATION: MONITORING SYSTEMIC RISK AND PROMOTING FINANCIAL STABILITY"
WASHINGTON, D.C. THURSDAY, MAY 12, 2011
MR. BERNANKE: Chairman Johnson, Ranking Member Shelby, and other members of the Committee, thank you for the opportunity to testify on the Federal Reserve Board's role in monitoring systemic risk and promoting financial stability, both as a member of the Financial Stability Oversight Council (FSOC) and under our own authority. ...
BBC World Service is reporting that Ben Bernanke is going in front of the US Senate on Thursday to ask for a lot more rules and regulations around what the banks in the USA are able to do.
WASHINGTON — Ben Bernanke and other regulators are updating Congress about their efforts to carry out the biggest overhaul of the nation’s financial rules since the Great Depression. In prepared testimony to the Senate Banking Committee on Thursday, Bernanke said the Fed will unveil new regulations this summer that would protect the U.S. economy from another meltdown of the nation’s largest banks and financial companies.
Congress directed the Fed to write the rules when it passed last year’s financial regulatory overhaul. The law aims to prevent another financial crisis like the one in 2008 that plunged the economy deeper into recession.
The rules will require big banks and others, such as Wall Street firms, hedge funds and insurance companies, whose failure could endanger the economy, to be subject to more strict requirements for the amount of capital and cash they must have on hand to cushion against potential losses if another financial crisis were to strike.