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Get ready. Ben Bernanke will testify on Dodd-Frank implementation before the Senate Banking Committee at 10 AM today.FDIC Chair Sheila Bair, SEC Chair Mary Schapiro, CFTC Chair Gary Gensler, and Deputy Treasury Secretary Neal Wolin will also be testifying.
The hearing will focus on “monitoring systemic risk and promoting financial stability,” according to a committee statement.
Here are the important parts:
- To meet the January 2012 implementation deadline for these enhanced standards, we anticipate putting out a package of proposed rules for comment this summer.
- The Federal Reserve is working with other U.S. regulatory agencies to implement Dodd- Frank reforms in additional areas, including the development of risk retention requirements for securitization sponsors, margin requirements for noncleared over-the-counter derivatives, incentive compensation rules, and risk-management standards for central counterparties and other financial market utilities.
After he’s finished speaking, Bernanke will take questions. Other topics could include a recent settlement bank regulators entered with large banks over mortgage servicing abuses.