To address a financial firm’s multinational operations, and increased use of derivatives around the world, a systemic risk regulator requires worldwide authority to do so. Such is the gist of comments made by a top-ranked Federal Reserve policymaker today.

Eric Rosengren, president of the Boston Federal Reserve Bank, in remarks prepared for delivery to a panel in Hong Kong, said that the United States needs to "adequately empower those in the systemic risk-regulatory and resolutions roles. If we cannot, we will do well to find other ways to limit systemic risk."

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