open-board-meeting-20151030英文学习资料

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1、October30,2015OpenBoardMeetingTranscriptofOpenBoardMeetingOctober30,2015CHAIRYELLEN.Goodafternoon.I'dliketowelcomeourgueststotheFederalReserveasweconsidertworegulationsthataredesignedtoincreasetheresilienceofourfinancialsystem.ThefirstitembeforetheBoardtodayisaproposedrulethatwould

2、increasetheloss-absorbingcapacityofsystemicallyimportantU.S.bankholdingcompaniesandtheU.S.operationsofsystemicallyimportantforeignbanks.Importantly,thecoreoftheproposalwouldrequirethatthesebankingfirmsmaintainatalltimesaminimumamountoflong-termdebtthatcouldbeconvertedintoequityinre

3、solution.Theproposal,combinedwithourotherworktoimprovetheresolvabilityofsystemicbankingfirms,wouldsubstantiallyreducetherisktotaxpayersandthethreattofinancialstabilitystemmingfromthefailureofthesefirms.Accordingly,theproposalisanotherimportantstepinaddressingthe"toobigtofail"proble

4、m.Theseconditembeforeustodayisafinalrulethatwouldreducetherisksthatderivativesposetofinancialstabilitybyrequiringbankswapdealerstocollectandpostmarginonmostoftheirswapsthatarenotcentrallycleared.Thefinalrulewouldsettheminimummarginrequirementsforunclearedswapshigherthanthoseforclea

5、redswaps,providingmarketparticipantswithanincentivetoshiftderivativesactivitytocentralclearinghouses,enhancingmarketresilienceandtransparency.Thefinalrulewouldalsoprovidegreaterassurancethatthedefaultofamajorparticipantintheover-the-counterderivativesmarketwouldnotimpairtheviabilit

6、yofotherparticipants.LetmenowturntoGovernorTarullo.Page1of36October30,2015OpenBoardMeetingGOVERNORTARULLO.Thankyou,MadamChair.Youjustalludedtothefactthatakeyaimofpost-crisisregulatoryreformhasbeentoaddressthetoo-big-to-failproblem.Onepartofthisefforthasbeentoincreasesubstantiallyth

7、eresilienceofsystemicallyimportantbankingorganizationsbystrengtheningcapitalrequirements,introducingliquidityrequirements,andconductingrigorousannualstresstests.Theotherpartofthisefforthasbeentomakethefailureofsystemicallyimportantbankspossiblewithouteithercausingdisorderinfinancia

8、lmarketsorrequiringinjecti