Welcome and Introductory Remarks, 2014 Credit Markets Symposium

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: This year's Credit Market Symposium focuses on the impact and implementation of post-crisis financial regulation. It is especially appropriate to have this discussion during the Fed's centennial year, as we reflect on how the financial system has evolved since the Fed's founding. Alongside dramatic changes in banking and credit markets, we've also seen significant changes in the role and operations of the Fed. Some people believe that the Fed should take an active role in promoting financial stability and mitigating financial system disruptions. My own view is that channeling credit to specific sectors through the use of Fed lending places the central bank's independence at risk and boosts moral hazard. I favor a narrower role for the Fed, focused on managing the central bank's monetary liabilities.

Date: 2014-05-13
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