Fed Should Oversee Financial Firms, Treasury Official Tells ABA Banking Law Committee

Members of the ABA Business Law Section Banking Law Committee heard Deputy Secretary of the Treasury Neal Wolin explain why the Federal Reserve Bank is the government agency best equipped to oversee complex financial firms.

Wolin delivered the keynote at the Banking Law Committee’s fall meeting, Nov. 13, in Washington, D.C.

In his remarks, Wolin pointed out that the Fed has the depth of knowledge needed. “The Fed’s role as lender of last resort depends importantly on its supervision of the largest, most interconnected firms.”

Wolin spoke to approximately 225 attendees at the 2009 meeting at the Ritz-Carlton Hotel, Washington, D.C.  Other speakers included Comptroller of the Currency John Dugan, who delivered the luncheon address.

For a video of Neal Wolin’s remarks: http://www.c-span.org/Watch/Media/2009/11/13/HP/A/25908/Dpty+Treasury+Sec+Neal+Wolin+American+Bar+Association+Speech.aspx

Speech text for Neal Wolin’s Nov. 13 remarks:

http://www.treas.gov/press/releases/tg404.htm