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WASHINGTON (MNI) - The following is a response of Federal Reserve Chairman
Janet Yellen to a question from a reporter at her press conference following
Wednesday's Federal Open Market Committee meeting.
On the regulatory side, in your testimony to congress recently you spoke
positively about the senate bank regulatory reform bill. I was wondering if
there are beyond that bill, if there are tweaks to Dodd Frank that you think
might still be beneficial.
Then somewhat related, governor Powell said that there are currently no
U.S. banks that are too big to fail. I was wondering, do you agree with that
Well, I mean, you know, I think I'm not familiar with every detail of the
bill, but I think the bill does address a wide range of issues that we have
highlighted in the past as being ones where perhaps additional flexibility to
tailor our supervisory requirements would be worthwhile. So I don't have
additional things on the Congressional list.
We continue to work seriously on resolution and the resolution plans, the
living wills and the structure of systemic firms, to ensure that it would be
possible to resolve a firm under the bankruptcy code would be the top choice of
methods or alternatively under the orderly liquidation authority. And I think
it's fair to say that over time, we have learned more ourselves and more clearly
detailed our expectations for the firms that file living wills, and the firms
themselves have made considerable progress in changing what they do, whether
it's adopting financial contracts that would facilitate a resolution, rather
than a disorderly unwinding of contracts, making sure that they are
appropriately dealing with shared services, so that key services would be able
to continue, governance arrangements, legal entity structures. The firms have
all made progress in adapting to our expectations of what would enable a
So I think it's an ongoing process, and I believe we have made substantial
--MNI Washington Bureau; +1 202-371-2121; email: firstname.lastname@example.org