Governor Tarullo’s farewell speech

Federal Reserve (Fed) Governor Daniel Tarullo delivered a farewell address this week to assert his views on completing and protecting what he considers to be the most important regulatory reforms before leaving his position as de facto leader of Fed supervision. Although Governor Tarullo’s departure means he will no longer drive Fed policy-making, his speech was largely an effort to frame the context for policy debates to come and acknowledge opportunities for improvement.

Governor Tarullo provided a recap of significant Fed supervision innovations during his eight-year tenure and strongly defended reforms such as the annual Comprehensive Capital Analysis and Review (CCAR) stress tests. In deal-making fashion, he reiterated his case for adding a new stress capital buffer to CCAR while also presenting several options for reducing regulatory compliance burdens. 

  1. Pall over Volcker.
  2. Qualitative objection overruled?
  3. A peek behind the curtain.
  4. Back-track the e-SLR.
  5. Small FR-Y relief.

First take

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