Central banks collaborated closely throughout the crisis; in particular, the Federal Reserve  9  See Brian F. Madigan (2009), “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at “Financial Stability and Macroeconomic Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 20–22.
The statute requires the prudential regulators to adopt rules imposing initial and variation margins on noncleared swaps to which a swap dealer or major swap participant that they oversee is a party. The statute also directs that these margin requirements be risk based.