A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.
Henry PaulsonIt's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.
Henry PaulsonMy preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.
Henry PaulsonEven if you don't have the authorities - and frankly I didn't have the authorities for anything - if you take charge, people will follow.
Henry Paulson