Systemic Risk and Financial Markets - Federal Reserve Bank of New York

뉴욕연방준비은행 총재의 미하원 금융서비스위원회 증언 내용
Testimony before the Committee on Financial Services, U.S. House of Representatives

July 24, 2008. Timothy F. Geithner, President and Chief Executive Officer



"... The U.S. and global financial systems are going through a very challenging period of adjustment. The critical imperative today is to help facilitate that adjustment and to cushion its impact on the broader economy. The forces that made the system vulnerable to this crisis took a long time to build up, and the system will need some time to work through their aftermath.

Looking forward, the United States will have to undertake substantial reforms to the framework of policy, regulation and oversight of the financial system. There was a case for reform before this crisis. The regulatory framework in the United States was designed in a different time for a very different type of financial system than the one we have today. Nonetheless, many observers believed that this framework, although messy and complex, worked reasonably well. It is harder to make that case today.

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