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U.S. regulators will soon lay out rules governing financial firms so large their collapse could rattle global markets, Federal Reserve Chairman Ben Bernanke said.
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Dennis Cook / AP Federal Reserve Board Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, Feb. 14, 2007, before the Senate Banking Committee hearing on monetary policy. (AP Photo/Dennis Cook) |
Bernanke, in testimony prepared for a Thursday Senate Banking Committee hearing, also said regulators are looking into potential gaps in last year's Dodd-Frank financial oversight law, including the oversight of money market mutual funds and the tri-party repo system.
"The U.S. agencies are also working together to address structural weaknesses in areas not specifically addressed by the Dodd-Frank Act," Bernanke said.
The Fed chief is due to appear on a panel with other regulators at a hearing marking the one-year anniversary of the reform laws put in place after one of the most severe financial panics in U.S. history.
The effects of the crisis continue to affect the financial system around the world, the Fed chairman said.
"Nearly three years later, the recovery from the crisis in the United States and in many other countries remains far from complete," he said.
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