"A new systemic regulator not a panacea” warns FDIC
Federal Deposit Insurance Corporation Chairman Sheila Bair has sparked a row with Federal Reserve Governor Daniel Tarullo warning that creating a US regulator to oversee broad risks to the financial system would not guarantee that future crises would be averted, Reuters reports.
Tarullo and said a so-called systemic risk regulator should help cut the risk of a big financial shocks, but Bair said it would offer only an "incremental benefit."
Bair urged US lawmakers to move with caution in crafting new rules to regulate banks, insurance firms, broker-dealers and other financial firms.
"We need to recognise that simply creating a new systemic risk regulator is a not a panacea," Bair said in testimony prepared for delivery to the Senate Banking Committee.
"The most important challenge is to find ways to impose greater market discipline on systemically important institutions," she said.
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