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  • Speech By Federal Reserve Chair Janet L. Yellen At The Citizens Budget Commission, New York , New York March 3, 2015, Improving The Oversight Of Large Financial Institutions

    Date 04/03/2015

    Thank you for the opportunity to speak to you today, it is great to be back in New York. The Citizens Budget Commission has played an important role over the years as a forum to discuss issues of interest to New Yorkers that are often also of national and even global importance. Given New York's preeminence as a center of global finance, I thought it would be appropriate to discuss just such a topic, which is how the Federal Reserve oversees the largest financial institutions, many of which are headquartered or have a major presence here, and how that oversight has strengthened since the financial crisis.

  • Comptroller Of The Currency Marks The 150th Anniversary Of The Freedman's Bank

    Date 03/03/2015

    Comptroller of the Currency Thomas Curry today helped to celebrate the 150th anniversary of Freedman's Savings and Trust Company, known as the Freedman’s Bank.  In his remarks during a commemorative event at the National Archives, the Comptroller discussed the bank’s important history and how it intersected with the Office of the Comptroller of the Currency, during the Reconstruction following the Civil War.

  • CFTC Charges Michigan Resident Jerry Stauffer With Commodity Pool Fraud And Other Violations - Federal Court Issues Emergency Order Freezing Stauffer’s Assets And Protecting Books And Records

    Date 03/03/2015

    The U.S. Commodity Futures Trading Commission (CFTC) today announced that Chief Judge Paul L. Maloney, of the U.S. District Court for the Western District of Michigan issued an emergency Order freezing and preserving the remaining pool participant assets under the control of Defendant Jerry Stauffer of Traverse City, Michigan. The Order, entered under seal on February 25, 2015, also prohibits Stauffer from destroying books and records and grants the CFTC immediate access to those records.

  • Statement On The Aggregate Impact Of Financial Services Regulations, SEC Commissioner Daniel M. Gallagher

    Date 03/03/2015

    During a fireside chat at today’s Institute of International Bankers’ 26th Annual Washington Conference, I expressed my concern about the number and aggregate impact of regulations that have been imposed on U.S. financial services firms since the enactment of the Dodd-Frank Act in 2010. These regulations come from an alphabet soup of domestic regulators, including the SEC, and many are related to the edicts of non-accountable international bodies such as the Financial Stability Board. Unfortunately, in promulgating many of these myriad regulations, a robust cost-benefit analysis was not required—and therefore none was performed. Even where a cost-benefit analysis was performed (an exercise for the most part limited to rules adopted by the SEC or CFTC, either independently or jointly with other regulators, given their statutory mandate for cost-benefit analysis), such analysis encompassed only the incremental effects of the rule being considered for adoption. No regulator, as far as I know, has considered the overall regulatory burden on financial services firms when determining whether to impose additional costly regulations. We as regulators are, when it comes to the possibility that our rules are causing death by a thousand cuts, the proverbial ostrich—head firmly entrenched in the sand.

  • The New York Stock Exchange Announces Garvis Toler III As Global Head Of Capital Markets

    Date 03/03/2015

    The New York Stock Exchange, part of the Intercontinental Exchange (NYSE: ICE) global network of exchanges and clearing houses, today announced Garvis Toler III will become Global Head of Capital Markets focused on listings transactions. Toler will join the company on March 23, 2015. John Merrell, who has held leadership positions on the NYSE Listings team since 2008, will be responsible for listed company relationships. Both roles will report to NYSE Group President Tom Farley.