00:00It's Benzinga bringing Wall Street to Main Street.
00:02Federal Reserve Chairman Kevin Warsh acknowledged that he failed to give adequate attention to bank
00:08supervision and other non-monetary policy functions during his first 148 days in office.
00:14Speaking at the IMF World Bank annual meetings on Friday, Warsh said his focus had been
00:20disproportionately on monetary policy over other mandates. He noted that 75 percent of Federal
00:26Reserve employees work in areas including regulation, payment systems, and consumer
00:31affairs. Warsh admitted he had not effectively communicated his support for those divisions.
00:37He emphasized that failures in supervision or payments could damage the central bank's
00:42institutional credibility. Warsh pledged to give equal attention to those responsibilities over
00:48his next 100 days and reassess established practices across the institution.
00:53For all things money, visit Benzinga.com.
