《对金融机构的系统性管理 Daniel K. Tarullo》.pdf

For release on delivery 12:30 p.m. EDT June 3, 2011 Regulating Systemically Important Financial Firms Remarks by Daniel K. Tarullo Member Board of Governors of the Federal Reserve System at the Peter G. Peterson Institute for International Economics Washington, D.C. June 3, 2011 As the one-year anniversary of the Dodd-Frank Act approaches, there will be much discussion about the progress that has been made in reforming financial regulation. Today I would like to get a head start on this exercise, concentrating on Dodd-Frank’s requirement that the Federal Reserve Board establish special prudential standards for systemically important financial institutions or, as they are now generally known, “SIFIs.” My focus will be on the requirement for more stringent capital standards, which has generated particular interest. Let me begin by placing this regulatory task in context. The financial crisis spawned or strengthened many reform agendas – among them consumer protection, securities and commodities market regulation, and traditional bank regulation. But a focus on systemic risk has been central to reform efforts, and fittingly so. It was, after all, a systemic financial crisis that we experienced and that led to the Great Recession that affects us still today. Regulatory reform in the wake of the crisis cannot be judged a success if it does not reduce the incidence and severity of future crises. The pre-crisis regulatory regime had focused mostly on firm-specific or, in contemporary jargon, “microprudential” risks. Even on its own terms, that regime was not up