WASHINGTON --Two of the government's top economic policymakers are scheduled to appear on Capitol Hill tomorrow to discuss their views on revamping regulation of financial services.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are testifying at the first of a series of hearings on the subject by the House Financial Services Committee.
According to the committee, Bernanke and Paulsen will focus on proposals to measure and limit risk, without stifling innovation, the need for enhanced capital and reserve requirements for financial firms and the adequacy of the current powers of the Federal Reserve and other regulatory agencies to protect the financial system and taxpayers.
One of the proposals that has caused concern among credit unions is in the regulatory overhaul unveiled earlier this year by Paulson in the Treasury Blueprint. The proposal would place credit unions under the same regulator as banks, which sparked fear among some, including CUNA President Dan Mica and NAFCU President Fred Becker, that such a set up would jeopardize the future of credit unions.
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