Testimony by Fed Chair Bernanke on regulatory reform implementation

by Sabrina I. Pacifici on September 29, 2010

Chairman Ben S. Bernanke, Regulatory Reform Implementation, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C., September 30, 2010

  • “A final element of the Federal Reserve’s efforts to implement the Dodd-Frank Act relates to the transparency of our balance sheet and liquidity programs. Well before enactment, we were providing a great deal of relevant information on our website, in statistical releases, and in regular reports to the Congress. Under a framework established by the act, the Federal Reserve will, by December 1, provide detailed information regarding individual transactions conducted across a range of credit and liquidity programs over the period from December 1, 2007, to July 20, 2010. This information will include the names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information. On an ongoing basis, subject to lags specified by the Congress to protect the efficacy of the programs, the Federal Reserve also will routinely provide information regarding the identities of counterparties, amounts financed or purchased and collateral pledged for transactions under the discount window, open market operations, and emergency lending facilities.”
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