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Bernanke names next steps as Fed adapts to CFPB changes
WASHINGTON (10/1/10)—Federal Reserve Chairman Ben Bernanke this week said that the Fed is moving forward with its implementation of the recently enacted Dodd-Frank Financial Reform legislation, adding that the Fed has identified 250 implementation-related projects to take up. Bernanke made the remarks during a Senate Banking Committee hearing on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Bernanke said that the Fed is “drawing on expertise and resources” from Fed-based experts in banking supervision, economic research, financial markets, consumer protection, payments, and legal analysis to ensure that the Fed meets its obligations “in a timely manner.” One such obligation is the establishment of the new Office of Financial Research and an associated oversight council, and the Fed is working closely with the U.S. Treasury as it develops this office. The Fed is also moving to transfer a number of its consumer proterction responsibilities to the to-be-established Consumer Financial Protection Bureau (CFPB). The Fed will also need to act quickly to meet a Dec. 1 deadline for information on some individual transactions that were made under various liquidity programs. According to Bernanke, the Fed will “provide detailed information,” including the “names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information.” U.S. Treasury Deputy Secretary Neal Wolin, Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corporation Chairman Sheila Bair, and U.S. Securities and Exchange Commission Chairman Mary Schapiro were also among those who testified.


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