NY Fed’s Dudley on development of bank stress tests

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William Dudley, the president of the New York Federal Reserve, on Tuesday said bank stress tests helped improve confidence in the United States' banking system during the financial crisis but that further work was needed to update them.

At the Group of 30 plenary meeting in Bern, Switzerland, Dudley said the Supervisory Capital Assessment Program, completed in May 2009, was an important turning point in the financial crisis. Dudley admitted that while there were negative consequences for banks

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