In its review of the U.S. financial architecture, we hope that the Congress will consider revising the provisions of Gramm-Leach-Bliley to help ensure that consolidated supervisors have the necessary tools and authorities to monitor and address safety and soundness concerns in all parts of an organization. Financial stability I have been discussing supervisory policy aimed at ensuring the stability of individual financial institutions.
However, the Federal Reserve also has the broader objective of enhancing the stability of the financial system as a whole. Supervision of individual institutions and fostering broader stability are, once again, complementary activities, with information and expertise gained in one arena often proving highly useful in the other.