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Thursday, February 6, 2014

Tarullo Testifies before U.S. Senate

Governor Daniel K. Tarullo spoke about the Federal Reserve’s recent Dodd-Frank Act implementations, its key regulatory and supervisory priorities for 2014 and its expectations regarding information security in his testimony before the Committee on Banking, Housing, and Urban Affairs at the U.S. Senate.

Tarullo noted that the Federal Reserve, often in tandem with other regulatory agencies, has made progress on a number of Dodd-Frank reforms including, the liquidity coverage ratio (LCR), the Comprehensive Capital Analysis and Review (CARR) process, the Volcker Rule, rules related to the Federal Reserve’s emergency lending authority, various risk retention reforms and the restructuring of assessment fees of large financial companies.

The Federal Reserve’s 2014 regulatory and supervisory priorities will focus on establishing enhanced prudential standards for large banking firms and on further enhancing the resiliency and resolvability of U.S.-based global systemically important banks, according to Tarullo.

In conclusion, Tarullo remarked:
“[t]he financial regulatory architecture is considerably stronger today than it was in the years leading up to the crisis, but work remains to complete the post-crisis global financial reform program… [The Federal Reserve is] focused on reducing the probability of failure of systemic financial firms, improving the resolvability of systemic financial firms, and monitoring and mitigating emerging systemic risks."

Read Tarullo’s prepared testimony.
Watch the hearing live.

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