Lacker on regulators and financial innovation

In the speech 'How should regulators respond to financial innovation?' given on 1 December Jeffrey Lacker of the Federal Reserve Bank of Richmond said financial regulators need to ensure that institutions such as banks have practices in place for managing risks amid rapid innovations in the industry.

"I believe regulators serve their mission best, not by second-guessing observed risk allocations, but by assuring that individual institutions ... conduct their businesses using risk measurement and

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