Fed's Tarullo Shakes Up Bank Rules
By JON HILSENRATH and DAMIAN PALETTA
WSJ
The rise of Daniel Tarullo, a lawyer with a longstanding interest in bank regulation appointed to the Federal Reserve Board by President Barack Obama, is a sign the era of light-touch bank regulation is over.
New guidelines on bankers' pay proposed by the Fed last week reflect Mr. Tarullo's influence. He is shaking up the Fed's 2,858-person army of bank supervisors, weighing in on issues ranging from the way regulators deal with troubled commercial real estate loans to the rules that will govern global banking for years to come.
"Dan is filling a gap," says Richard Fisher, president of the Federal Reserve Bank of Dallas. During the Greenspan era, Mr. Fisher says, banking supervision in Washington was "de-emphasized." Now, after a banking calamity, it's a priority.
Installed by Fed Chairman Ben Bernanke as chairman of the Fed committee that oversees supervision and regulation, Mr. Tarullo is emerging as one of a handful of new Obama-appointed regulators who are changing the tone and substance of business regulation in areas from derivatives to drugs.
(More here.)
WSJ
The rise of Daniel Tarullo, a lawyer with a longstanding interest in bank regulation appointed to the Federal Reserve Board by President Barack Obama, is a sign the era of light-touch bank regulation is over.
New guidelines on bankers' pay proposed by the Fed last week reflect Mr. Tarullo's influence. He is shaking up the Fed's 2,858-person army of bank supervisors, weighing in on issues ranging from the way regulators deal with troubled commercial real estate loans to the rules that will govern global banking for years to come.
"Dan is filling a gap," says Richard Fisher, president of the Federal Reserve Bank of Dallas. During the Greenspan era, Mr. Fisher says, banking supervision in Washington was "de-emphasized." Now, after a banking calamity, it's a priority.
Installed by Fed Chairman Ben Bernanke as chairman of the Fed committee that oversees supervision and regulation, Mr. Tarullo is emerging as one of a handful of new Obama-appointed regulators who are changing the tone and substance of business regulation in areas from derivatives to drugs.
(More here.)
Powered by Blogger
0 Comments:
Post a Comment
<< Home