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Dallas Fed Chair: Lessons Learned, Convictions Confirmed Remarks before the Council on Foreign Relations

Richard W. Fisher – Lessons Learned, Convictions Confirmed, Remarks, before the Council on Foreign Relations, New York City, March 3, 2010

  • “Here is the message for those who would peel away regulatory policy from the Fed: We depend on our regulatory arm to provide in-depth, hands-on assessments to guide us as we perform our duty as the lender of last resort. We can’t properly operate a discount window or perform the functions of lender of last resort if we don’t have firsthand knowledge of our borrowers’ financial health. We cannot implement monetary policy effectively without staying abreast of developments in the banking and financial system through the eyes and ears and constant contact of the 12 banks in our system who observe up close and personal the activities of banks of all sizes—from the roughly $1.7 trillion in assets we observe in the 843 state member banks we regulate to the roughly $16.8 trillion in assets of the 5,002 bank holding companies, including but not exclusively large financial institutions, or “LFIs,” which we regulate.”
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