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Financial Crisis Resources

Learn how the Fed, the U.S. Treasury, and others responded during the financial crisis of 2007-2009.

Speeches & Testimony

Chairman Bernanke's Testimony Before Congress

Federal Reserve Chairman Ben Bernanke 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:

Recent Speeches by Chairman Bernanke

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

Testimony by Other Fed Officials

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

  • Moving Beyond the Financial Crisis, Governor Elizabeth A. Duke, at the Consumer Bankers Association Annual Conference, Hollywood, Florida (June 8, 2010) External Link
  • 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) External Link
  • Credit Scoring, Sandra F. Braunstein, Director, Division of Consumer and Community Development Studies and Education, before the Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit, U.S. House of Representatives, Washington, D.C. (March 24, 2010) External Link
  • Incentive Compensation, Scott G. Alvarez, General Counsel, before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (February 25, 2010) External Link
  • 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) External Link
  • 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) External Link
  • Bank Supervision, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (August 4, 2009) External Link
  • Regulatory Restructuring, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (July 23, 2009) External Link
  • 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) External Link
  • 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) External Link
  • 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) External Link
  • 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) External Link
  • Executive Compensation, Scott G. Alvarez, General Counsel, before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (June 11, 2009) External Link
  • 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) External Link
  • 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) External Link
  • Financial Literacy, Sandra F. Braunstein, Director, Division of Consumer and Community Development Studies and Education, 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) External Link

Recent Speeches by President Plosser

  • Economic Outlook: President Plosser offered 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 shared his perspectives on the U.S. and Delaware economies. He also discussed 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 outlined key principles for sound and effective central banking. He discussed 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 highlighted 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 suggested 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 provideed his economic outlook and discusses the difficulties in conducting monetary policy when the target fed funds rate is near zero. He also outlineed some of the challenges created by the Federal Reserve's lending facilities. (January 14, 2009)
  • The Limits of Central Banking: President Plosser focuseed on the importance of setting reasonable expectations for what a central bank can and cannot do. He emphasized 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 addressed the crisis in their speeches. Select the links below to read comments from other Reserve Bank heads.

U.S. Treasury Speeches and Resources

Press Releases

Board of Governors

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

  • 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.
  • March 3, 2010 — The Federal Reserve Board 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. External Link
  • February 22, 2010 — The Federal Reserve Board 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. External Link
  • February 19, 2010 — The Federal Reserve Board launched a new interactive website External Link 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. External Link
  • February 19, 2010 — The Federal Reserve Board 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. External Link
  • January 12, 2010 — The Federal Reserve Board 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. External Link
  • September 29, 2009 — The Federal Reserve Board 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. External Link
  • August 7, 2009 — A 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. External Link
  • July 15, 2009 — The Federal Reserve Board 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. External Link
  • June 25, 2009 — The Federal Reserve announced extensions of and modifications to a number of its liquidity programs. See the news release. External Link
  • 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. External Link The Philadelphia Fed will issue its full 2008 Annual Report at a later date. See the news release. External Link

Joint Regulatory Agencies

  • July 2, 2009 — The federal financial regulatory agencies and the Federal Trade Commission 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 External Link.
  • May 7, 2009 — Results PDF Document of a capital assessment of each of the 19 largest U.S. bank holding companies were released today. The Supervisory Capital Assessment Program External Link 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 External Link about the Supervisory Capital Assessment Program.

Federal Reserve Resources

All About the Credit and Liquidity Programs

The Federal Reserve Board of Governors provided detailed information on the credit and liquidity programs in a series of dedicated web pages. External Link 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. External Link

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. External Link You can also see all announcements about the commercial paper funding facility at http://www.newyorkfed.org/markets/cpff_announcements.html. External Link

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 announced that it will start to pay interest on depository institutions' required and excess reserve balances.

Presentation: Why Is the Country Facing a Financial Crisis?

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

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" External Link will allow you learn more about the economy and the role of the Federal Reserve.

Recent Publications

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

  • Last update: September 2, 2010