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7/25/24, 10:46 AM FRB: Press Release--Interagency paper on strengthening the U.S. financial system--April 8, 2003 Joint Press Release Board of Governors of the Federal Reserve System Office of the Comptroller of the Currency Securities and Exchange Commission For Immediate Release April 8, 2003 Regulators Issue Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System Three federal regulatory agencies today issued an "Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System." Among other things, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission identified sound practices to strengthen the resilience of critical U.S. financial markets and minimize the immediate systemic effects of a wide-scale disruption. On September 5, 2002, the agencies published for comment a draft of the paper in the Federal Register. The agencies have incorporated many of the suggestions that were made. The final paper, which applies most directly to the clearing and settlement activities of a limited number of financial institutions, provides more flexibility to firms in managing geographic dispersion of backup facilities and staffing arrangements, and takes into account other considerations relevant to cost-effective implementation of sound practices. Attachment (182 KB PDF) Federal Reserve Dave Skidmore 202-452-2955 OCC Bob Garsson 202-874-5770 SEC John Heine 202-942-0020 2003 Banking and consumer regulatory policy Home | News and events Accessibility Last update: April 8, 2003 https://www.federalreserve.gov/boarddocs/press/bcreg/2003/20030408/default.htm 1/1