Randal K Quarles: Supervision and regulation report

Testimony of Mr Randal K Quarles, Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington DC, 14 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Chairman Hensarling, Ranking Member Waters, other members of the committee, thank you for the opportunity to testify on the Federal Reserve's regulation and supervision of the financial system. My testimony today covers two main topics: our efforts to improve regulatory transparency, including the report accompanying my submission to the committee, and our progress in making the post-crisis regulatory framework simpler and more efficient.

The Role of Transparency in Regulation and Supervision

I am mindful that this semiannual testimony-like my position as Vice Chairman for Supervision-is grounded in Congress's efforts to strengthen and improve the nation's regulatory framework following the financial crisis. This testimony reflects a critical element of those efforts: the desire, and the need, for greater transparency.