Fed's Quarles: Bank system strengthened considerably in the past decade

Author: Greg Michalowski | Category: Central Banks

Feds Quarles testifies before Congressional House committee tomorrow

Fed's Quarles is to testify on supervision and regulation before the House Financial Services Committee, in Washington DC and his prepared remarks have been released. He does not comment on the economy or monetary policy.

He says:
  • The Fed is to to maintain core elements of post crisis rules
  • Will seek ways to enhance effectiveness of rules
  • Bank system strengthened considerably in the past decade
  • Banks must maintain discipline, strong risk management
  • Banks must keep pace with financial technology
  • Fed monitors ongoing risks that pose potential threats
  • Regulators working with the Fed to reduce the Volcker burden
  • Backs congressional efforts to tailor bank regulations
  • Fed can make stress test process more transparent
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