Federal Reserve Vice Chairman Stanley Fischer said a council of financial regulators established by the Dodd-Frank Act may need more authority to help guard against threats to the banking system, Bloomberg News reported yesterday. Members of a committee of key regulators, including the Fed and the Treasury Department, would benefit from having financial stability added to their mandates, Fischer said yesterday. The panel, known as the Financial Stability Oversight Council, could also be given greater independence to address systemic risks, Fischer, a former governor of the Bank of Israel. “It may well be that adding a financial stability mandate to the overall mandates of all financial regulatory bodies, and perhaps other changes that would give more authority to a reformed FSOC, would contribute to increasing financial and economic stability,” Fischer said.
