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VOL. 129 | NO. 134 | Friday, July 11, 2014

Fed No. 2 Fischer Says Care Needed to Avert Crisis

AP

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WASHINGTON (AP) – The Federal Reserve's new No. 2 official says regulators must continue to work to end the need for the government to bail out big banks in a crisis. Stricter capital requirements, rather than breaking up the biggest banks, is the better remedy, he says.

Stanley Fischer, who became vice chairman of the Fed last month, made the remarks Thursday in his first speech since joining the central bank. He appeared to align himself with comments last week by Fed Chair Janet Yellen that signaled a key focus on bank regulation for the Fed under her tenure, to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the global banking system.

Fischer said regulators "need to be vigilant" in trying to prevent the next crisis.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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