As a result, participation has thus far been low. In response to these concerns, the board of the H4H program – on which Governor Duke represents the Federal Reserve – recently approved a number of changes, using the authority granted to it under the Emergency Economic Stabilization Act (EESA).
It is no coincidence that financial systems in the Asia region have remained relatively stable during the current crisis: we have not suffered a serious deterioration in confidence or market dysfunction, since our banks have largely remained as traditional banks, and shadow banking had at most a limited presence.