The Federal Reserve Board is “well-suited” to supervise “systemically important financial institutions that may not already be subject to the Bank Holding Company Act,” Fed chairman Ben S. Bernanke told the House Financial Services Committee yesterday.
The Fed Reserve is “already the consolidated supervisor of some of the largest and most complex institutions in the world,” Bernanke said, adding that the central bank has “the expertise … in supervising large, diversified, and interconnected banking organizations” and “broad knowledge of the financial markets in which these organizations operate.”
