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Ben S Bernanke: Lessons of the financial crisis for banking supervision
Speech by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, Illinois (via satellite), 7 May 2009.
The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website.
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After more than a year and a half of financial crisis, both bankers and policymakers must contend with two questions: What have we learned from this extraordinary episode? And how can we apply those lessons to strengthen our banking system and to avoid or mitigate future crises? Getting the answers to these questions right is critical for our future financial and economic health.
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The Federal Reserve has been intensively evaluating the lessons of the crisis, both with respect to the companies we supervise and to our own policies and procedures, and we are actively incorporating what we have learned into daily supervisory practice. Increasing the effectiveness of supervision must be a top priority for our institution. In my remarks today I will outline some steps that the Federal Reserve has already taken in the wake of the crisis to strengthen capital, liquidity, and risk management in the banking sector, as well as to improve the supervisory process itself. I will also touch on what we have learned about the importance of effective consolidated supervision and the potential benefits of a more macroprudential orientation to financial oversight.
The Federal Reserve's role in banking supervision
It may be useful first to briefly review the Federal Reserve's bank supervisory responsibilities and how they interact with the other parts of our mission. The Fed has supervisory and regulatory authority over bank holding companies (including financial holding companies), state-chartered banks that choose to join the Federal Reserve System (state member banks), the U.S. operations of foreign banking organizations, and certain types of U.S. entities that engage in international banking.
2In fulfilling these responsibilities, we work with other federal and state supervisory authorities to promote the safety and soundness of the banking industry, foster the stability of the broader financial system, and help ensure fair and equitable treatment of consumers in their financial transactions. The Federal Reserve Banks manage the process of onsite bank examinations, while providing a strong regional presence that allows us greater insight into local economic conditions.
Besides working with other U.S. agencies responsible for the oversight of banking and other areas of the financial system, we also coordinate closely with foreign supervisors. These relationships are fostered through regular interactions within bodies such as the Basel Committee on Banking Supervision and the Financial Stability Board. Through these organizations we contribute the development of international banking standards. For
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