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May 10, 2013

Bernanke Warns of Risks from Shadow Banking System

Federal Reserve Board Chairman Ben Bernanke said Friday that further reforms of the shadow banking system were warranted to address potential threats to financial stability.

“‘While the shadow banking sector is smaller today than before the crisis and some of its least stable components have either disappeared or been reformed, regulators and the private sector need to address remaining vulnerabilities,’ said Bernanke, speaking at the Federal Reserve Bank of Chicago’s annual banking conference.

The Fed chairman, who made his eighth consecutive appearance at the prestigious banking conference, highlighted ongoing efforts by the central bank to monitor threats and vulnerabilities in four critical areas: systemically important financial institutions, shadow banking, asset markets, and the nonfinancial sector.”

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