Interview: Sheila Bair on US regulatory reform and rollback since 2008
Crisis-era FDIC chair “saddened” by former Fed chairs’ focus on bailout powers
In response to the 2008 financial crisis, the US Congress and federal agencies redesigned and tightened their oversight of the financial system. Under the Dodd-Frank Act some powers were strengthened, such as the Federal Deposit Insurance Corporation’s (FDIC) authority to resolve failed institutions beyond commercial banks. But others were revoked, most notably the Fed’s authority to bail out individual institutions under Section 13.3 of the Federal Reserve Act.
Former Fed chairs Janet Yellen
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