Wednesday
Apr072010
Greenspan Remind Comission That Federal Reserve Board Is Not An Enforcement Agencey
Staff
Former Federal Reserve Chairman Alan Greenspan said Wednesday morning before a hearing with the Financial Crisis Inquiry Commission (FCIC) that the Federal Reserve Board did not play a significant hand in the subprime mortgage crisis.
“Remember that the Federal Reserve Board is a rule making [agency], it is not an enforcement agency,” said Greenspan, who served as chairman from 1987-2006. “We did not have the capacity to implement the types of enforcement that the FDIC, [Housing and Urban Development and the Department of Justice] has.” (0:24)
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“Remember that the Federal Reserve Board is a rule making [agency], it is not an enforcement agency,” said Greenspan, who served as chairman from 1987-2006. “We did not have the capacity to implement the types of enforcement that the FDIC, [Housing and Urban Development and the Department of Justice] has.” (0:24)
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