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Press Release
February 18, 2014

Opening Statement by Chair Janet L. Yellen
Good afternoon. I'd like to welcome our guests to the Federal Reserve today as we take another step in
addressing the risks that large financial institutions pose to U.S. financial stability.
The final rule before the Board would implement more of the Dodd-Frank Act's enhanced prudential
standards for large domestic and foreign banking organizations. As the financial crisis demonstrated, the
sudden failure or near failure of large financial institutions can have destabilizing effects on the financial
system and harm the broader economy. And, as the crisis also highlighted, the traditional framework for
supervising and regulating major financial institutions and assessing risks contained material weaknesses.
The final rule would help address these sources of vulnerability.
In developing the requirements for both domestic and foreign banking organizations, the Board has sought to
strengthen U.S. financial stability and reinforce its longstanding policy of national treatment and equality of
competitive opportunity between the U.S. operations of foreign banking organizations and U.S. banking firms.
I look forward to today's discussion of this important initiative. Let me turn the meeting over to Governor
Tarullo.

Last Update: December 14, 2016