Fed governor hits out at 'sound practices'
WASHINGTON, DC – Improving the resilience of the US financial sector as prescribed by the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC) in the 2003 Sound practices to strengthen the resilience of the US financial system policy document, is inadequate, according to Mark Olson, governor of the Federal Reserve Board. He says this is because it cannot prevent an attack on the financial system.
"The strategy underlying the sound practices is to increase the likelihood that systemically critical institutions will be able to recover rapidly from a wide-scale disruption. However, the sound practices address only recovery, not the prevention of an attack," said Olson, testifying before the House of Representatives Financial Services Committee, during a hearing on Protecting our financial infrastructure: preparation and vigilance, in early September.
Olson and other speakers highlighted the
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