These responsibilities and close working relationships have not impinged on our monetary policy independence, and we do not believe that the enhancements proposed by the Administration to the Federal Reserve’s supervisory and regulatory authority would undermine the Federal Reserve’s ability to pursue our monetary policy objectives effectively and independently. 4  The Federal Reserve's Payment System Risk Policy can be found at http://www.federalreserve.gov/paymentsystems/psr/default.htm.
BIS Review 87/2009  3  Indeed, these enhancements would complement the Federal Reserve’s monetary policy responsibilities. The Federal Reserve and other central banks have always been involved in issues of systemic risk, most notably because central banks act as lenders of last resort.