SANTA BARBARA, Calif. — Federal Reserve Board governor Kevin Warsh said Tuesday that there was no single cause of the financial crisis and warned against wholesale changes in the financial system.

Warsh, moderating a panel at a Federal Reserve Bank of San Francisco conference, said there will be “times of turmoil and times of tumult” in the future, and therefore “it is important to do some preparatory work” in readiness for future crises.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.