Market reforms can't wait for crisis to end: Bernanke
AFP, April, 2008
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WASHINGTON (AFP) — Federal Reserve chairman Ben Bernanke said Thursday the current financial crisis requires swift action to improve market regulation, endorsing a plan by a US task force.
"We do not have the luxury of waiting for markets to stabilize before we think about the future," Bernanke said in a speech, the text of which was released by the Fed.
"Indeed, many of the necessary changes that have been identified, including increasing transparency, improving risk management and attaining better coordination among regulators, could provide important support to the process of normalizing our financial markets."
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Bernanke offered a strong endorsement of a proposed broad overhaul of financial market regulation in an effort to restore confidence in a system reeling from the subprime mortgage mayhem.
"The turmoil in financial markets has also revealed significant weaknesses in risk management practices of some large, globally active financial institutions," the Fed chairman said.
"These ...
