Banks Offset Revenue Loss Through Consumers, Says Lawmakers

Rep. Peter Welch (D-Vt.) says that as soons as Congress and the Federal Reserve Board implemented a consumer protection plan, some banks were asked to regroup and create ways of paying debit cards use fees by the Texas Bankers Association. (0:36)

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Greenspan Remind Comission That Federal Reserve Board Is Not An Enforcement Agencey

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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Greenspan: I Was Right 70 Percent Of The Time, Wrong 30 Percent Of The Time

Former Federal Reserve Chairman Alan Greenspan conceded Wednesday morning before a hearing with the Financial Crisis Inquiry Commission (FCIC) that he had made mistakes throughout his career.

Noted the 84 year old Greenspan, “I was right 70% of the time, but I was wrong 30% of the time. There are an awful lot of mistakes in 21 years.” (0:22)
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Adequate Capital And Liquidity Critical To Financial Improvement, Says Greenspan

Former Federal Reserve Chairman Alan Greenspan said Wednesday that adequate caital and liquidity are critical facotrs for improving the economy. (0:19)

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