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Wednesday, June 6, 2012

Regulators to Testify on ‘Enhancing Bank Supervision’

The Senate Banking Committee today will hold a hearing on enhancing bank supervision and reducing systemic risk under the Dodd-Frank Act. FDIC Acting Director Martin Gruenberg, Comptroller of the Currency Thomas Curry, CFPB Director Richard Cordray, Deputy Treasury Secretary Neal Wolin and Federal Reserve Governor Daniel Tarullo will testify.

Read more.

From Federal Reserve Governor Daniel Tarullo’s testimony:
[B]oth the Dodd-Frank Act reforms and the international regulatory reforms share an important feature--a strong focus on the largest, most complex, and most interconnected financial firms and the systemic risks posed by those firms.

As the Federal Reserve implements reforms, we have maintained this core focus on the largest firms by proposing rules that try to mitigate the systemic risks posed by those firms and minimize the burden on smaller entities, particularly community banks.
In his testimony, Tarullo describe the Federal Reserve's progress on several Dodd-Frank Act rules and recent reforms to the international bank regulatory framework such as, enhanced capital standards, capital surcharges for Systemically Important Financial Firms, stress testing, enhanced prudential standards, and the Volcker rule.

Read Tarullo’s full testimony.

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