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Friday, September 5, 2014

BPC: Restore Flexibility to Regulators in Crisis

Congress should give financial regulators the flexibility they need to respond to systemic financial crises, a report from the Bipartisan Policy Center’s Financial Regulatory Reform Initiative found. The Dodd-Frank Act unnecessarily constrains the authority of the Federal Reserve and FDIC, the report said.

The co-authors — including former Comptroller of the Currency John Dugan — recommended that Congress restore the Fed’s ability to make emergency loans to nonbanks, eliminate the Dodd-Frank requirement for the FDIC to obtain congressional approval to make emergency guarantees to bank-issued debt and provide collateralized liquidity access to broker-dealers susceptible to runs.

Read the report.

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