WASHINGTON — Federal Reserve Bank of New York president William Dudley Thursday urged those involved in the monumental task of overhauling the over-the-counter derivatives industry to shun the dogmatic approach and instead remain “open-minded” to potential course corrections if they are required.
While the reform process is on the “right road” for now, “we should recognize that the global financial system is a complex one that is continuously evolving and that we are introducing many significant changes into that system,” Dudley said in a speech prepared for delivery to a symposium in New York.
Dudley stressed that it is important to be “open-minded about the potential need for mid-course corrections.”
