Rules for financial giants on track: Bernanke

Reuters News
Posted: Jul 20, 2011 5:44 PM
Rules for financial giants on track: Bernanke

WASHINGTON (Reuters) - Regulators are on track to soon lay out regulations governing financial firms so large their collapse could rattle the entire financial system, Fed Chairman Ben Bernanke said.

"The Federal Reserve expects to issue proposed rules on the oversight of SIFIs (structurally important financial institutions) later this summer," he said in comments prepared for delivery to a Senate panel on Thursday.

The Fed released Bernanke's testimony after an embargo on making it public was broken.

Bernanke also said regulators are also addressing gaps under Dodd-Frank financial reform laws signed into law a year ago, including oversight of money market mutual funds.