bank failures and the events and circumstances surrounding them warrant review, self - reflection, and where necessary, appropriately targeted changes to identified gaps in regulation and supervision. we should carefully examine what is working and what can be improved in bank supervision. in doing so, we must appropriately and effectively manage our supervisory programs, teams, and expectations to ensure that efficient, effective, and consistent supervision is implemented across our regulated entities according to a bank's complexity, size, risk profile, and scope of activities. conducting supervision in a manner that respects due process and provides transparency around supervisory expectations goes a long way in accomplishing these goals. 2 / 3 bis - central bankers'speeches we should acknowledge that changes to supervisory expectations and processes, coupled with the sheer volume of recent regulatory and supervisory reforms and proposed reforms, will undoubtedly present additional challenges and risks for banks. while some changes to the supervisory process and priorities may be appropriate to promote a safe and sound financial system and enhance financial stability, having an appropriate focus on the most salient risks is important for effective risk management and effective supervision. we should be cautious that these changes do not distract banks or supervisors from focusing on core and emerging risks or impair the long - term viability of the banking system - especially for mid - sized and smaller banks. in closing, i hope that today's conference provides an opportunity for open and frank conversations about prudent risk management and how we can work together to maintain a safe and sound financial system. thank you for taking the time to be with us today. i hope you enjoy the conference, and i look forward to spending more time discussing these issues with you in the future. 1 board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, and office of the comptroller of the currency, " agencies update guidance on liquidity risks and contingency planning, " news release, july 28, 2023. 3 / 3 bis - central bankers'speeches

ben s bernanke : regulatory reform implementation testimony by mr ben s bernanke, chairman of the board of governors of the federal reserve system, before the committee on banking, housing, and urban affairs, us senate, washington dc, 30 september 2010. * * * chairman dodd, ranking member shelby, and other members of the committee, thank you for the opportunity to testify about the federal reserve ’ s implementation of the dodd - frank wall street reform and consumer protection act of 2010 ( dodd - frank act ). in the years leading up to the recent financial crisis, the global regulatory framework did not effectively keep pace with the profound changes in the financial system. the dodd - frank act addresses critical gaps and weaknesses of the u. s. regulatory framework, many of which were revealed by the crisis. the federal reserve is committed to working with the other financial regulatory agencies to effectively implement and execute the act, while also developing complementary improvements to the financial regulatory framework. the act gives the federal reserve several crucial new responsibilities. these responsibilities include being part of the new financial stability oversight council, supervision of nonbank financial firms that are designated as systemically important by the council, supervision of thrift holding companies, and the development of enhanced prudential standards for large bank holding companies and systemically important nonbank financial firms designated by the council ( including capital, liquidity, stress test, and living will requirements ). in addition, the federal reserve has or shares important rulemaking authority for implementing the so - called volcker rule restrictions on proprietary trading and private fund activities of banking firms, credit risk retention requirements for securitizations, and restrictions on interchange fees for debit cards, among other provisions. all told, the act requires the federal reserve to complete more than 50 rulemakings and sets of formal guidelines, as well as a number of studies and reports, many within a relatively short period. we have also been assigned formal responsibilities to consult and collaborate with other agencies on a substantial number of additional rules, provisions, and studies. overall, we have identified approximately 250 projects associated with implementing the act. to ensure that we meet our obligations in a timely manner, we are drawing on expertise and resources from across the federal reserve system in areas such as banking supervision, economic research, financial markets, consumer protection, payments, and legal analysis. we have created a senior staff position to coordinate our efforts and have developed projectreporting and tracking tools to facilitate management and oversight of all of our