Fed’s outgoing CCAR chief defends stress tests
Timothy Clark rebuffs US Treasury recommendations; supports more transparency
As the principal architect of the Federal Reserve’s stress tests, Timothy Clark deserves much of the credit for whipping the US banking sector into shape after the financial crisis. While it hasn’t always been popular with banks, the Fed’s Comprehensive Capital Analysis and Review has got results. For the first time since CCAR began in 2011, the Fed approved the capital plans of all 34 banks it stress tested in 2017 without objections – a testament to the industry’s newfound resilience and
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