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Bernanke Lends Support to Obama Regulatory Reforms

The House Financial Services committee meets. ...
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Did this event actually catch anyone by surprise?   For the last year and a half everyone in America with an education beyond the 7th grade knows that a revamp of the regulatory system in the financial industry is needed and will come in one way or the other.    And, an increased need for “Risk Assessments” by financial regulators?   Well this is outright revolutionary!   The excerpt below is from Directorship.com – to read the entire article click on the link below my additional comments, at the bottom of this post:

“In a speech before the House Financial Services Committee today, Federal Reserve Chairman Ben Bernanke threw his support behind President Obama’s proposals to reform the financial regulatory system, according to CNNMoney. Bernanke spoke on the value of risk assessment for financial regulators, saying, “To further encourage a more comprehensive and holistic approach to financial oversight, all federal financial supervisors and regulators – not just the Federal Reserve –  should be directed and empowered to take account of risks to the broader financial system.”

I hope legislation is passed soon getting everyone on the same page regarding Risk Assessments. This way we can get some serious ERM frameworks in place at most organizations. The days of the “I don’t like that kind of risk assessment, therefore we will decide what the real risks are…” should end.  But, without a clear mandate from the Fed’s it will not.

To read the full article from Directorship.com please click below:

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  1. C. Marks
    October 18, 2009 at 12:09 PM

    I thought the same thing.

    What’s important now is who, how and when are they going to start regulating all these activities they had so conveniently left unregulated!!!

  2. Caroline
    October 26, 2009 at 2:27 PM

    Joel – No one was surprised by this announcement.

    By the way, I got a great laugh from your post on the SCCE Survey of Social Media policies. Watching the train and your comments about it was hilarious.

    I am also an auditor and confirm what you said about the CFO’s and CIO’s. They may take a good two to three years before they get serious about Social Media policies.

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