Federal Reserve Chairman Ben S. Bernanke called for new steps to curb “shadow banking” operating beyond standard oversight while saying the economy has far to go before fully recovering from the credit crisis, Bloomberg reports.
“The heavy human and economic costs of the crisis underscore the importance of taking all necessary steps to avoid a repeat of the events of the past few years,” Bernanke said yesterday in a speech in Stone Mountain, Georgia.
Bernanke supported efforts to increase the “resiliency” of money market funds, referring to Securities and Exchange Commission proposals to require firms to maintain capital buffers or to redeem shares at the market value of underlying assets rather than at a fixed price of $1. He also called for efforts to monitor financial innovation and backed curbs on intraday credit in tri-party repo markets.,,,
Wait, wait...there's more at http://www.bloomberg.com/news/2012-04-10/bernanke-calls-on-regulators-to-limit-risks-of-shadow-banking.html
No comments:
Post a Comment