for release on delivery 10 : 00 a. m. est november 14, 2018 statement by randal k. quarles vice chairman for supervision board of governors of the federal reserve system before the committee on financial services u. s. house of representatives november 14, 2018 chairman hensarling, ranking member waters, other members of the committee, thank you for the opportunity to testify on the federal reserve's regulation and supervision of the financial system. my testimony today covers two main topics : our efforts to improve regulatory transparency, including the report accompanying my submission to the committee, and our progress in making the post - crisis regulatory framework simpler and more efficient. the role of transparency in regulation and supervision i am mindful that this semiannual testimony - - like my position as vice chairman for supervision - - is grounded in congress ’ s efforts to strengthen and improve the nation ’ s regulatory framework following the financial crisis. this testimony reflects a critical element of those efforts : the desire, and the need, for greater transparency. transparency is part of the foundation of public accountability and a cornerstone of due process. it is also key to a well - functioning regulatory system and an essential aspect of safety and soundness, as well as financial stability. transparency provides financial firms clarity on the letter and spirit of their obligations ; it provides supervisors with the benefit of exposure to a diversity of perspectives ; and it provides markets with insight into the condition of regulated firms, fostering market discipline. transparency increases public confidence in the role of the financial system to support credit, investment, and economic growth. the federal reserve has taken a number of steps since my last testimony to further increase transparency, and to provide more information about our supervisory activities to both regulated institutions and the public. - 2for example, the board recently improved its supervisory ratings system for large financial institutions. 1 ratings are an essential vehicle for supervisory feedback - - a clear, concise way to convey whether a firm meets expectations, with tangible, predictable consequences for those that fall short. our ratings system for large institutions had remained unchanged since 2004, even as our supervision of those institutions evolved significantly after the crisis. the new rating system will better align ratings for these firms with the supervisory feedback they receive, and will focus firms on the capital, liquidity, and governance issues most likely to affect safety and soundness. the banking agencies also recently clarified that supervisory guidance is a tool to enhance the transparency of supervisory expectations, and should never be the basis of an enforcement action.

ariff ali : launch of the personal property securities registry as part of economic reform plan opening remarks by mr ariff ali, governor of the reserve bank of fiji, at the launch of the personal property securities registry, suva, 31 may 2019. * * * mr masayuki tachiiri, regional director, pacific subregional office, asian development bank ; your excellency mr john feakes, australian high commissioner to fiji ; mr jonathan rowe, counsellor ( development ), new zealand high commission ; representatives of government, and licensed financial institutions ; invited guests ; members of the media ; ladies and gentlemen ; introductory comments bula vinaka and a very good morning! it gives me great pleasure to welcome you to this very special occasion, as we acknowledge an important milestone in our financial inclusion and development journey. i specifically thank our donors and stakeholders for availing their time to be with us today. i would first and foremost, seek to offer our sincere gratitude to some key stakeholders, who through their foresight and tireless efforts have enabled us to be launch this personal property securities registry today. i therefore acknowledge the vision of our former governor, mr barry whiteside for initiating and driving the establishment of a framework to look at reforming our secured transaction framework. his vision was supported by the willingness and assistance of the offices of the adb pacific private sector development initiative ( psdi ), the solicitor general ’ s office, and our hard working team here at the rbf. i therefore sincerely thank all subject matter experts and technical officers who contributed to this initiative. in particular, i would like to convey my special thanks to peter dirou, terry reid, anthony frazer, and simon thompson from the adb psdi team, john kimbler from paradigm applications ( software vendor ), dsg ms tracy wong and glenys andrews ( sgo ). however, the project could not have effectively reached this stage without the support of our licensed commercial banks and credit institutions, so the “ buy - in ” we obtained from these industries to embrace the initiative, and be willing partners in a larger agenda of unlocking the potential of the sme sector in fiji, is very much appreciated. our journey we embarked on this reform journey a little over five years ago to this day, in a bid to enhance access to finance and stimulate economic activity, but recognised earlier on that the legal framework and its related procedures were inhibitive for lenders to confidently provide finance based on moveable property pledged as