My testimony today first reviews briefly the history of bank and bank holding company engagement in physical commodities activities. I will then address the Federal Reserve’s approach to supervising financial institutions engaged in physical commodities activities.
I will close my remarks by discussing the Federal Reserve’s ongoing review of the physical commodities activities of the institutions we supervise, including a summary of the responses we received on our Advance Notice of Proposed Rulemaking (ANPR) inviting public comment on physical commodities activities.