It is my conviction that the media’s responsibility is not confined only to their shareholders or to their subscribers, but extends to a larger section of the public. It is therefore apparent that the challenges before the media are not less than those before the central bank. It is also fair to recognize that the media faces several dilemmas.
The Federal Reserve is working with other U.S. regulatory agencies to implement Dodd-Frank reforms in additional areas, including the development of risk retention requirements for securitization sponsors, margin requirements for noncleared over-thecounter derivatives, incentive compensation rules, and risk-management standards for central counterparties and other financial market utilities. The Federal Reserve has made significant organizational changes to better carry out its responsibilities.