Banking Industry Regulatory Consolidation Hearings Before the Committee On Ban
Banking Industry Regulatory Consolidation Hearings Before the Committee On Ban
Housing United States Congress Senate Committee On Bank
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Mr. Brumbaugh. That's true. My view, however, is that it's not even necessary for a member of the Federal Reserve Board to sit on the Commission, and the reason that it's almost better that they not do that is because it is important, especially in the handling of crises, that the lender of last resort do one and only one thing. And that is lend to the solvent banks that are experiencing liquid- ity problems. 360 They would be more likely to stay the policy that needs to be fol- lowed, in order... for the Fed to do that role, if they were independent than if they were involved in regulation. The notion of, I'll tie in what I was going to say about the role of the Federal Home Loan Bank during the S&L crisis here, them being more likely to do that if they were completely independent because it would eliminate the possibility and the incentive for the Federal Reserve to become part of laxity and forbearance in the de- sign of regulation to obscure a crisis which they might arguably be accused of creating in the first place by virtue of their regulatory role.
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