Janet L Yellen: Semiannual Monetary Policy Report to the Congress Testimony by Ms Janet L Yellen, Chair of the Board of Governors of the Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington DC, 11 February 2014.
No bank operating in New Zealand is now owned by government, none is guaranteed by government, none is obliged to lend to particular sectors or companies, and our supervision is based heavily on mandatory public disclosure and director attestations. As Alan Greenspan said last year, ‘Regulation by government unavoidably involves some element of perverse incentives.