{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned that as the financial system evolves, new risks will emerge' data-url='/boclips/videos/5c54bd87d8eafeecae134de6' data-video-url='/boclips/videos/5c54bd87d8eafeecae134de6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nChairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned that as the financial system evolves, new risks will emerge\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE: Bernanke says Fed working on regulatory failures CAPTION: Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE: Bernanke says Fed working on regulatory failures \u003cbr/\u003eCAPTION: Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned that as the financial system evolves, new risks will emerge. (April 9)\u003cbr/\u003e\"about three and one half years have past since the darkest days of the financial crisis. but our economy is still fully far from recovered from its effects. the heavy human and economic costs of the crisis underscore the importance of taking all necessary steps to avoid a repeat of the events of the past few years.\"\u003cbr/\u003e\"at the federal reserve we have stepped up our monitoring effeorts substantially in recent years with much of the work taking palce in the auspices of our recently created office of financial stability poicy and research. we conduct an active program research and data collection often in conjunction with other u.s. regulators and foreign regulators as well including our fellow members of the fsoc (financial stability oversight council). in addition, by making use of resources throughout the federal reserve system we're developing a framework and infrastructure for monitoring systemic risk. our goal is to have the capacity to follow developments in all segment of the financial system. including parts of the financial sector in which data are scarce or have developed more recently and are thus well understood.\"\u003cbr/\u003e\"but even as we make progress on known vulnerabilities we must be mindful that our financial system is constantly evolving and that unanticipated risks to stability will certainly develop over time. indeed an inevitable side effect of new regulations is that the system will adapt in was that push risk-taking from more regulated to less regulated areas increasing the need for careful monitoring and supervision of the system as a whole.\"\u003cbr/\u003e   WASHINGTON (AP) _ Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned that as the financial system evolves, new risks will emerge.\u003cbr/\u003e   The Fed has overhauled its regulatory efforts to focus much more on the stability of the entire financial system, Bernanke said. It seeks to avoid mistakes of the past crisis, such as big non-bank institutions escaping the supervision.\u003cbr/\u003e   But the Fed chief said it was not enough for regulators to just address problems exposed by the crisis. The financial system is constantly evolving and unanticipated future risks to stability will develop, he said.\u003cbr/\u003e   Bernanke's comments came in a speech Monday night in Stone Mountain, Ga. at a conference sponsored by the Federal Reserve Bank of Atlanta.\u003cbr/\u003e   The financial crisis, which hit with force in the fall of 2008 after the collapse of Lehman Brothers, underscored the need for regulators to do a better job in policing the financial system, he said.\u003cbr/\u003e   \"About three and a half years have passed since the darkest days of the financial crisis, but our economy is still far from having fully recovered from its effects,\" Bernanke said in his remarks.\u003cbr/\u003e   In terms of closer supervision, Bernanke noted that the central bank last month released the results of stringent stress tests in which all but four of 19 major U.S. financial institutions got passing grades. The Fed declared the institutions strong enough to survive an economic downturn worse than the Great Recession.\u003cbr/\u003e   In another example of stepped up supervision, Bernanke said that the Fed has been actively monitoring U.S. banks' direct and indirect exposures to the European debt crisis. It is also tracking the way U.S. banks are managing their exposure to the crisis.\u003cbr/\u003e   But Bernanke said regulators are still grappling with what approach to take in some areas, such as regulation of money-market funds. He said that more regulation of this industry may be needed, citing a proposal being pushed by Mary Schapiro, chairman of the Securities and Exchange Commission. Her proposal aims to reduce the vulnerability of money market funds to financial runs by panicked investors rushing to withdraw their investments.\u003cbr/\u003e   \"Additional steps to increase the resiliency of money-market funds are important for the overall stability of our financial system and warrant serious consideration,\" Bernanke said.\u003cbr/\u003e   During the 2008 financial crisis, the Treasury Department and the Federal Reserve pledged to backstop all money-market funds after one large fund with heavy exposure to Lehman Brothers came under financial pressure, sending shockwaves through the entire industry.\u003cbr/\u003e   In response to questions, Bernanke said regulators were still seeking the proper balance in implementing a rule named for former Fed Chairman Paul Volcker. The rule would limit the amount of trading financial institutions can do for their own accounts, as opposed to trading for clients. Regulators need to strike the proper balance or they will run the risk of reducing liquidity in important financial markets, he said.\u003cbr/\u003e   Bernanke did not discuss current Fed interest rate policies during his appearance Monday night. \u003cbr/\u003e   He said the Fed and other banking regulators are moving to impose tougher standards, not just on big banks but on big non-financial institutions such as insurance companies. The aim is to better regulate all financial institutions that could pose a risk to the stability of the financial system.\u003cbr/\u003e   \"But even as we make progress on known vulnerabilities, we must be mindful that our financial system is constantly evolving and that unanticipated risks will develop over time,\" Bernanke said. \u003cbr/\u003e   He said that was an unavoidable consequence of the new financial regulations put into place by the sweeping Dodd-Frank Act that Congress passed in 2010 to overhaul the financial regulatory system.\u003cbr/\u003e   \"An inevitable side effect of new regulations is that the system will adapt in ways that push risk-taking from more-regulated to less-regulated areas, increasing the need for careful monitoring and supervision of the system as a whole,\" he said.\u003cbr/\u003e   Bernanke said that the Fed has increased its efforts at system-wide monitoring with the creation of an Office of Financial Stability Policy and 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But he cautioned that as the financial system evolves, new risks will emerge\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. But he cautioned that as the financial system evolves, new risks will emerge\" title=\"Chairman Ben Bernanke said Monday that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis. 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