We need banking secrets to help: Fed's Rosengren

The Federal Reserve's regulatory role has been essential in allowing the central bank to deal with the current turmoil, a top official claimed on Friday.

Eric Rosengren, the president of the Boston Federal Reserve, said that the Fed's ability to access confidential information in its role as banking supervisor was "extremely useful in understanding the current problems" and claimed that it was impossible for central banks to deal with the turmoil otherwise.

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