Marianne Lake Quotes

The Federal Reserve has a responsibility to ensure the safety and soundness of financial institutions and to contain systemic risks in financial markets.

You can't look back at the worst financial crisis of our lifetimes that started in 2008 and not have some important lessons about the critical nature of oversights in financial markets and institutions.

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.

You shouldn't be trying to create a system where no bank fails, but you should be creating one that catches a bank and allows it to fail without impacting the financial markets.

There are some outcomes in finance we don't want, and government should regulate that.

It is not my belief that we need greater government regulation of hedge funds with respect to the systemic risk they create.

We need sobriety, rationality, and civility in the discussions on the regulation of financial institutions so that the banks can return in a robust manner to their central role in funding the economy.

The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.

Over the objections, where they sound like squealing pigs, over the objections of Romney and all his allies, we passed some of the toughest Wall Street regulations in history, turning Wall Street back into the allocator of capital it always has been and no longer a casino. And they want to repeal it.

It is probably the case that some regulation of financing will make crises less likely, and I would say higher capital requirements are an almost fail-safe way to make banks safer. But there are a lot of other things that may not be doing that, and so we need to be careful about sort of, like, rushing to one conclusion or another.

To get our economy back on track and keep it functioning properly without the problems of our financial institutions, we need reasonable regulations that will protect Main Street while at the same time allow Wall Street to do what it does best - make money for American investors.

I don't want to drive the markets crazy. I don't want to create trouble, but rather order and rules and norms. We have to struggle against financial excesses, those who speculate with sovereign debt, those who develop financial products which have done so much harm.

You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.

I mean, everyone agrees with stress tests for banks. I mean that's clear. But banks should do that on their own. And they should worry about their own capital functioning. That's what they should do. It shouldn't be a government function.

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.

No significant deregulation of financial institutions occurred in the last 30 years.

You cannot have fairness unless you have transparency…We don’t know that is going on inside those boxes … we could have a meltdown [in the entire economy].

We are optimistic with respect to thrifts .... I don't think that there is any cause for undue concern and I would reject any suggestion that we are in the midst of some sort of a major systemic problem with respect to any element of our financial services industry.

I think people have to be very careful with new ideas [in fiancé and economics]. What you need to worry about is when you have something that’s a really good idea, but you get too much of it too fast, like over-the-counter derivatives.

To enable large U.S. banks to support their clients better, the Volcker rule should be clarified.

The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve.

What we have to find is the right level of regulation of our financial system so that it has the incentive to invest in things, but at the same time, it is sufficiently regulated so it can't get in the kind of trouble that we have seen in the past and we have seen recently.

If you punish the banks, all you are doing is reducing the banks' capital, which you want to increase, and punishing shareholders, who have done nothing wrong.

Large financial institutions in this country will always play a role that is essential to our economic growth. But they must only be permitted to grow and interconnect, throughout our economy, under careful oversight and with a mechanism for allowing those connections to be broken safely.