The Federal Reserve Board, accused of failing to use its powers to prevent the financial crisis, is likely to emerge from the regulatory reform process as a more assertive regulator focused on anticipating the next systemic threat.
"The Fed will probably be more proactive in trying to deal with bubbles than they have in the past as a regulatory matter, not as a monetary policy matter," said H. Rodgin Cohen, a partner and the senior chairman at Sullivan & Cromwell.
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