Tarullo: Fin. reform details to be clear next year

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Tarullo: Fin. reform details to be clear next year
from MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- Federal Reserve Governor Daniel Tarullo said on Wednesday he expects the details associated with major financial-sector reforms arising from the 2008 crisis to be reasonably clear "some time next year." However, "it would be several years before full implementation of the major sets of reforms we're talking about," Tarullo added in response to a question at the Council on Foreign Relations in Manhattan where he had given a speech. Addressing a separate question about the importance of financial stability to the Fed, Tarullo noted that the central bank rose out of the panic of 1907. "The motivation for the creation of the Fed was a financial crisis," he said. The pursuit of price stability and maximum employment, the Fed's dual mandate, "cannot be achieved without being very mindful of financial stability," he added. "Have things changed at the Fed [since the 2008 crisis]? The answer is an unqualified yes," he said.