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Fed’s Pianalto: Rule-Making Process Next Leg of Financial Reform
By Michael S. DerbyFederal Reserve Bank of Cleveland President Sandra Pianalto warned in a speech released Tuesday that much of the business of financial oversight reform remains unfinished, despite the passage of legislation mandating what will be done.
Bloomberg News
Cleveland Fed President Sandra Pianalto
“Much work remains to craft the specific aspects of the regulations called for by the law 127 MPG- What Motor Trend got driving the Volt in the real world_10169,” Pianalto said. Most notably, the agencies that will implement the legislation have to determine what they will do beats headphones, the official said.
Pianalto’s comments came from the text of a speech she gave Saturday to the Joint Convention of the Ohio Bankers League and the Illinois League of Financial Institutions, held in French Lick 2011 Ford F150 SVT Raptor drops base engine, gets standard 6.2L V8_11542, Ind. The official’s address wasn’t made public in advance of the event. The speech was also given behind closed doors, as the event was closed to media, an unusual situation for a Fed official.
“The effectiveness of the regulations will, in large part, be determined by the effectiveness of supervision,” the central banker said. “A key lesson learned from the financial crisis is that supervision must be strong enough to ensure financial stability.”
“An open and continuous dialogue between all stakeholders must be maintained through this next phase to prevent the outcome from tipping too far in any one direction,” Pianalto said. She told the gathered bankers that “I encourage you to raise your voices during this all-important rule-writing phase.”
