Fed No. 2 says care needed to avert crisis
WASHINGTON – The Federal Reserve’s new No. 2 official says regulators must continue to work to end the need for the government to bail out big banks in a crisis. Stricter capital requirements, rather than breaking up the biggest banks, is the better remedy, he says. Stanley Fischer, who became vice chairman of the Fed last month, made the remarks Thursday in his first speech since joining the central bank.