Fed's Bies on financial supervision issues

In a speech on 'Financial supervision issues' given on 5 November, Susan Schmidt Bies of the Federal Reserve said the US government budget has become a "cookie jar" for lawmakers over the past four years, with taxpayer funds spent in some cases for "political reasons".

"Ensuring compliance can be an extremely difficult endeavour because there is no prohibition against cross selling products or aggressive marketing," Bies said in her remarks to the annual meeting of the Securities Industry

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