Federal Open Market Committee

Bernanke on Non-Banks: Passover to a New Rule Book 

Significant non-banking financial institutions like American International Group Inc. [stock AIG][/stock] are an integral part of the U.S. economy and so interconnected with other institutions that outright failure is not an option, Federal Reserve chairman Ben Bernanke said in a speech today. Instead, he said, such firms ought to face a strict set of regulatory requirements — and potential regulatory intervention — similar to that imposed on banks by the Federal Deposit Insurance Corp.