Financial Crisis Resources

Latest Updates & Featured Releases

Speeches & Testimony

• Economic Outlook: President Plosser offers his perspectives on the economy, the Federal Reserve's exit strategy from the very accommodative monetary policy now in place, and financial regulatory changes under consideration in Washington. Read the speech or find other speeches by President Plosser. (June 11, 2010)
• Moving Beyond the Financial Crisis, Governor Elizabeth A. Duke, at the Consumer Bankers Association Annual Conference, Hollywood, Florida (June 8, 2010)
• The Supervisory Capital Assessment Program--One Year Later, Chairman Ben S. Bernanke, at the Federal Reserve Bank of Chicago 46th Annual Conference on Bank Structure and Competition, Chicago, Illinois (May 6, 2010)

Press Releases

• April 20, 2010 — Federal Reserve Bank of Philadelphia President Charles I. Plosser sent a letter regarding financial reform on April 20 to six U.S. senators representing the three states in the Third District, which serves eastern Pennsylvania, southern New Jersey, and Delaware. See the letter.

Federal Reserve Resources & Publications

• "Congress Is Politicizing the Fed," Federal Reserve Bank of Dallas President Richard Fisher, Wall Street Journal (January 25, 2010)
• "A Look Back Shows Valid Reasons for the Current System," President Charles Plosser, Philadelphia Inquirer (August 16, 2009)

Speeches & Testimony

Chairman Bernanke's Testimony Before Congress

Federal Reserve Chairman Ben Bernanke has spent many hours before Congress providing information and answering questions about U.S. financial markets and our country's economic outlook. Select the links below to read these testimonies:

• Lessons From the Failure of Lehman Brothers (April 20, 2010)
• Economic Outlook (April 14, 2010)
• The Federal Reserve's Role in Bank Supervision (March 17, 2010)
• Semiannual Monetary Policy Report to the Congress (February 24, 2010)
• The Federal Reserve's Exit Strategy (February 10, 2010)
• Regulatory Reform (October 1, 2009)
• Regulatory Restructing Before the Committee on Financial Services (July 24, 2009)
• Semiannual Monetary Policy Report to the Congress (July 21, 2009)
• Acquisition of Merrill Lynch by Bank of America (June 25, 2009)
• Current Economic and Financial Conditions and the Federal Budget (June 3, 2009)
• The Economic Outlook (May 5, 2009)

Recent Speeches by Chairman Bernanke

Chairman Bernanke has made speeches focusing on the recent turmoil in the financial markets. Select the links below to read these speeches.

• The Supervisory Capital Assessment Program--One Year Later (May 6, 2010)
• Achieving Fiscal Sustainability (April 27, 2010)
• Economic Policy: Lessons from History (April 8, 2010)
• Economic Challenges: Past, Present, and Future (April 7, 2010)
• Monetary Policy and the Housing Bubble (January 3, 2010)
• Frequently Asked Questions (December 7, 2009)
• Reflections on a Year of Crisis (August 21, 2009)
• Chairman Bernanke Answers Questions During a Town Hall (July 26, 2009)
• The Supervisory Capital Assessment Program (May 11, 2009)
• Lessons of the Financial Crisis for Banking Supervision (May 7, 2009)

Testimony by Other Fed Officials

In addition to the Chairman, other Fed officials give congressional testimony on the financial crisis.

• Lessons from the Crisis Stress Tests, Governor Daniel K. Tarullo, at the Federal Reserve Board International Research Forum on Monetary Policy, Washington, D.C. (March 26, 2010)
• Credit Scoring, Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, before the Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit, U.S. House of Representatives, Washington, D.C. (March 24, 2010)
• Incentive Compensation, Scott G. Alvarez, General Counsel, before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (February 25, 2010)
• International Cooperation to Modernize Financial Regulation, Governor Daniel K. Tarullo, before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, Washington, D.C. (September 30, 2009)
• Bagehot's Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis, Brian F. Madigan, director, division of Monetary Affairs (August 21, 2009)
• Bank Supervision, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (August 4, 2009)
• Regulatory Restructuring, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (July 23, 2009)
• Consumer Protection, Governor Elizabeth A. Duke, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (July 16, 2009)
• Commercial Real Estate, Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation, before the Joint Economics Committee, U.S. Congress. (July 9, 2009)
• Federal Reserve Independence, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of U.S. House of Representatives (July 9, 2009)
• Over-the-Counter Derivatives, Patricia White, Associate Director, Division of Research and Statistics, before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate (June 22, 2009)
• Executive Compensation, Scott G. Alvarez, General Counsel, before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (June 11, 2009)
• Interactions between Monetary and Fiscal Policy in the Current Situation, Vice Chairman Donald L. Kohn, at the Conference on Monetary-Fiscal Policy Interactions, Expectations, and Dynamics in the Current Economic Crisis, Princeton University, Princeton, New Jersey (May 23, 2009)
• Municipal Finances, David W. Wilcox, Deputy Director, Division of Research and Statistics, before the Committee on Financial Services, U.S. House of Representatives (May 20, 2009)
• Financial Literacy, Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate (April 29, 2009)

Recent Speeches by President Plosser

• Economic Outlook: President Plosser offers his perspectives on the economy, the Federal Reserve's exit strategy from the very accommodative monetary policy now in place, and financial regulatory changes under consideration in Washington. Read the speech or find other speeches by President Plosser. (June 11, 2010)
• Economic Outlook: President Plosser shares his perspectives on the U.S. and Delaware economies. He also discusses some of the financial regulatory changes now under consideration in Washington and how these reforms would affect the Federal Reserve, monetary policy, and the nation's economy. (May 7, 2010)
• The Federal Reserve System: Balancing Independence and Accountability: In a speech before the World Affairs Council, President Plosser cautioned that proposals to overhaul the Federal Reserve System would politicize monetary policy and compromise the Fed's ability to deliver on the monetary policy goals set by Congress: price stability and maximum employment. (February 17, 2010)
• Improving Financial Stability: President Plosser outlines key principles for sound and effective central banking. He discusses how these principles provide guidance for some of the regulatory and supervisory challenges facing the Fed. (March 31, 2009)
• Redesigning Financial System Regulation: President Plosser highlights the following considerations for redesigning financial system regulation: addressing the too-big-to-fail and too-interconnected-to-fail issue; developing systematic and transparent regulatory approaches for dealing with firms that pose systemic risk; and examining the Federal Reserve's future role in ensuring financial stability. (March 6, 2009)
• Ensuring Sound Monetary Policy in the Aftermath of Crisis: President Plosser suggests three ways to strengthen the Federal Reserve's credibility and its commitment to making sound monetary policy in the aftermath of crisis. (February 27, 2009)
• The Economic Outlook and Some Challenges Facing the Federal Reserve: President Plosser provides his economic outlook and discusses the difficulties in conducting monetary policy when the target fed funds rate is near zero. He also outlines some of the challenges created by the Federal Reserve's lending facilities. (January 14, 2009)
• The Limits of Central Banking: President Plosser focuses on the importance of setting reasonable expectations for what a central bank can and cannot do. He emphasizes how over-promising can erode the credibility of a central bank's commitment to meet its goals, whether for monetary policy or financial stability. (October 8, 2008)

Recent Speeches by Federal Reserve Bank Presidents, Federal Reserve Governors

Many Federal Reserve Bank presidents have addressed the current crisis in their speeches. Select the links below to read comments from other Reserve Bank heads.

• Moving Beyond the Financial Crisis, Governor Elizabeth A. Duke, at the Consumer Bankers Association Annual Conference, Hollywood, Florida (June 8, 2010)
• The Outlook for the Economy, Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco, presentation to Financial Executives International San Francisco, CA (April 15, 2010)
• Economic Outlook, Remarks by Jeffrey Lacker, President, Federal Reserve Bank of Richmond, Regional Forum, Morgantown, W.Va. (April 13, 2010)
• Involving Markets and the Public in Financial Regulation, Governor Daniel K. Tarullo, at the Council of Institutional Investors Meeting, Washington, D.C. (April 13, 2010)
• The Economic Outlook, Vice Chairman Donald L. Kohn, at the Federal Reserve Bank of San Francisco Community Leaders Luncheon, San Francisco, California (April 8, 2010)
• The Present and Future of Community Banking, Governor Daniel K. Tarullo, at the Federal Reserve Bank of New York Community Bankers' Conference, New York, New York (April 8, 2010)
• The Importance of Financial Education, Governor Elizabeth A. Duke, at the Jump$tart Coalition Investing in Our Future: Financial Education and Washington Event, Washington, D.C. (April 8, 2010)
• What About Zero?, Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City (April 7, 2010)
• Asset Bubbles and the Implications for Central Bank Policy, William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York, remarks at The Economic Club of New York, New York City (April 7, 2010)
• Economic Recovery and Balance Sheet Normalization, Narayana R. Kocherlakota, President, Federal Reserve Bank of Minneapolis, at the Minnesota Chamber of Commerce (April 6, 2010)
• Homework Assignments for Monetary Policymakers, Vice Chairman Donald L. Kohn, at the Cornelson Distinguished Lecture at Davidson College, Davidson, North Carolina (March 24, 2010)
• Toward an Effective Resolution Regime for Large Financial Institutions, Governor Daniel K. Tarullo, at the Symposium on Building the Financial System of the 21st Century, Armonk, New York (March 18, 2010)
• The Economy and Why the Federal Reserve Needs to Supervise Banks, Narayana R. Kocherlakota, President, Federal Reserve Bank of Minneapolis (March 2, 2010)
• Real Regulatory Reform, Jeffrey Lacker, President, Federal Reserve Bank of Richmond (March 1, 2010)
• Financial Regulatory Reform, Governor Daniel K. Tarullo (February 26, 2010)
• The Outlook for the Economy and Monetary Policy, Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco (February 22, 2010)
• The Economy and Why the Federal Reserve Needs to Supervise Banks, Narayana R. Kocherlakota, President, Federal Reserve Bank of Minneapolis (February 16, 2010)
• Regulation and Its Discontents, Governor Kevin Warsh (February 3, 2010)
• The Economic Outlook, Governor Elizabeth A. Duke (January 4, 2010)
• Monetary Policy in the Crisis: Past, Present, and Future, Vice Chairman Donald L. Kohn (January 3, 2010)
• Envisioning a Future for Housing Finance, Governor Elizabeth A. Duke (December 10, 2009)
• Supervising and Resolving Large Financial Institutions, Governor Daniel K. Tarullo (November 10, 2009)
• Central Bank Exit Policies, Vice Chairman Donald L. Kohn (September 30, 2009)
• Financial Intermediation and the Post-Crisis System, Vice Chairman Donald L. Kohn (July 10, 2009)
• Federal Reserve's Initiatives to Support Minority-Owned Institutions, Governor Elizabeth A. Duke (July 9, 2009)
• Containing the Crisis and Promoting Economic Recovery, Governor Elizabeth A. Duke (June 15, 2009)
• Large Banks and Small Banks in an Era of Systemic Risk Regulation, Governor Daniel K. Tarullo (June 15, 2009)
• The Systemic Importance of Consumer Protection, Governor Elizabeth A. Duke (June 10, 2009)
• Financial Regulation in the Wake of the Crisis, Governor Daniel K. Tarullo (June 8, 2009)
• The Economic Outlook, Vice Chairman Donald L. Kohn (April 20, 2009)

U.S. Treasury Speeches and Resources

• Lehman Brothers: A Case Study in Our System's Failures, Treasury Secretary Tim Geithner, written testimony before the House Financial Services Committee (April 20, 2010)
• Statement by Treasury Secretary Tim Geithner on Compensation (June 10, 2009)
• Secretary Timothy Geithner Introduces Financial Stability Plan (February 10, 2009)
• Facts About the Financial Stability Plan

Press Releases

Board of Governors

The Federal Reserve System Board of Governors publishes press releases and other information regarding the Fed's actions. Find the latest information and press releases from the Board here.

• March 3, 2010 — The Federal Reserve Board has proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates. See the press release.
• February 22, 2010 — The Federal Reserve Board has launched a new online Federal Reserve Board publication that will help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn. See the press release.
• February 19, 2010 — The Federal Reserve Board has launched a new interactive website to help consumers better understand the new credit card protections that will take effect on February 22. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accounts. See the press release.
• February 19, 2010 — The Federal Reserve Board has proposed clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services. See the press release.
• January 12, 2010 — The Federal Reserve Board has approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22. See the press release.
• September 29, 2009 — The Federal Reserve Board has proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices. See the press release.
• August 7, 2009 — A new Federal Reserve Board publication, "5 Tips for Dealing with a Home Equity Line Freeze or Reduction," explains consumers' rights and lenders' responsibilities when credit lines are reduced and provides information for those seeking to have a credit line reinstated. See the press release.
• July 15, 2009 — The Federal Reserve Board has approved an interim final rule amending Regulation Z (Truth in Lending) to require creditors to increase the amount of notice consumers receive before the rate on a credit card increases or a significant change is made to the account's terms. See the news release.
• June 25, 2009 — The Federal Reserve has announced extensions of and modifications to a number of its liquidity programs. See the news release.
• April 23, 2009 — The Board of Governors released the 2008 Financial Statements for the Federal Reserve Banks and the Board of Governors. You can find the information on the Board's balance sheet transparency page. The Philadelphia Fed will issue its full 2008 Annual Report at a later date. See the news release.

Joint Regulatory Agencies

• July 2, 2009 — The federal financial regulatory agencies and the Federal Trade Commission yesterday published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies, and widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing. See the joint statement .
• May 7, 2009 — Results of a capital assessment of each of the 19 largest U.S. bank holding companies were released today. The Supervisory Capital Assessment Program was designed to ensure that the bank holding companies have a sufficient capital buffer to withstand losses and sustain lending even in a significantly more adverse economic environment. See the latest press release about the Supervisory Capital Assessment Program.

Federal Reserve Resources

All About the Credit and Liquidity Programs

The Federal Reserve Board of Governors provides detailed information on the credit and liquidity programs in a series of dedicated web pages. The section includes information about the Federal Reserve's balance sheet, a discussion of Federal Reserve risk-management practices, and information on the types and amounts of collateral being pledged at various lending facilities. See the press release.

Commercial Paper Funding Facility

The Federal Reserve created the Commercial Paper Funding Facility (CPFF) to provide a liquidity backstop to U.S. issuers of commercial paper. The CPFF is intended to improve liquidity in short-term funding markets and thereby contribute to greater availability of credit for businesses and households. Under the CPFF, the Federal Reserve Bank of New York will finance the purchase of highly rated unsecured and asset-backed commercial paper from eligible issuers via eligible primary dealers. The New York Fed developed a Q&A on this facility. You can also see all announcements about the commercial paper funding facility at http://www.newyorkfed.org/markets/cpff_announcements.html.

Foreclosure Resource Center

Here you'll find links to information, publications, events, and other resources that may help consumers to avoid foreclosure on their homes.

Interest on Reserves

The Federal Reserve Board of Governors has announced that it will start to pay interest on depository institutions' required and excess reserve balances.

• FAQs about Interest on Reserves and the Implementation of Monetary Policy, New York Fed
• Implementation of Interest on Reserves and Changes to Earnings Credits (October 6, 2008)

Presentation: Why Is the Country Facing a Financial Crisis?

St. Louis Fed Vice President Julie Stackhouse gives an easy-to-understand presentation about the financial crisis. It includes a PowerPoint with audio, a glossary, and a timeline of events.

The Economy: Crisis & Response

This online resource from the Federal Reserve Bank of San Francisco has answers to questions such as what caused the financial crisis, what the Fed has done in response, and what the road ahead looks like. Whether you're looking for a general overview of the mortgage meltdown or want to delve deeper into economic research, "The Economy: Crisis & Response" will allow you learn more about the economy and the role of the Federal Reserve.

Recent Publications

The Federal Reserve System produces many papers, articles, and publications for consumers. Below you'll find links to recent articles that focus on the current financial crisis.

• Credit Crunch Leads to a Boom for FHA's Refinance Programs, Cascade: No. 69, Fall 2008
• Is Your Bank Account Safe? Federal Reserve Bank of Kansas City (Fall 2008)
• What Exactly Is a Recession — and Are We in One? Federal Reserve Bank of Cleveland (October 10, 2008)