Board of Governors of the Federal Reserve System

Policy and Research, Board of Governors January 24–25, 2012 2 of 314 Jon

Policy and Economic Developments ........................................Policy ........................................ 97 Community Development

Background Section 165(d) of the Dodd-Frank Act requires that each bank

Warsh Member Board of Governors of the Federal Reserve System to the Shadow...Warsh (2010), “Regulation and Its Discontents,” speech delivered at the

approach. Finally, any attempt to focus mainly on an aggregate would have...and/or that interest rates are rising more than expected, with a first

and, because this study focuses on a review of the relevant literature...and, potentially, legislative consideration of future reform. Introduction

and of the related memorandum from the Secretariat, dated February 18,...policy may thus be hampered by such private short-term capital movements

and, more generally, the public interest. The Federal Reserve ■ conducts...and, as such, include some amounts that are based on management judgments

Warsh Ms. Cumming, Mr. Fisher, Ms. Pianalto, and Messrs. Plosser and Stern...today—and then give time for Q&A. Following that, I would like, because

value—and assumptions about other factors likely to affect economic outcomes...policy” is defined as the future path of policy that each participant