The author, a member of the Fed's Board of Governors, explains that “Over the past year the Federal Reserve has issued a series of regulatory proposals and made other changes that, together, significantly weaken banking regulation and supervision. Along with reductions in capital requirements -of $60 billion for the 8 largest banks- comes weaker supervision.” “And considerable, and sometimes bitter experience -the Great Depression, the ‘saving and loan crisis’, the Great Global Financial Crisis- has shown that the safety and soundness of banks is crucial for employment, financial security, and the hopes and dreams of all.”
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