In light of the Fed's--and you played a role in it--the Fed's track record, don't you think there is a significant risk that in the name of systemic risk regulation the Fed would subordinate its bank regulatory and monetary policy functions in order to protect and perhaps preserve the biggest institution?
Shelby questions the risks of the Fed's new role as a systemic risk regulator.
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As Senator Shelby at our Senate testimony hearing last March pointed out to us, we must maintain what we have before we can build new, and I think he hits the mark head-on.
I am concerned about this--what this communicates to both our allies and our adversaries.
Deterrence requires spending our limited resources on both offensive and defensive weapons.
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