In a speech delivered at an American Bankers Association conference earlier this week, Michelle Bowman, a Governor on the US Federal Reserve Board, explored how regulators can perform "maintenance" on the regulatory framework in response to what she sees as a "troubling trend of inaction and opacity within the supervisory toolkit."
"System maintenance is not something that we should shy away from," Bowman said. “In our everyday lives, we invest significant time in maintenance ... Devoting resources to maintenance often prevents more costly issues down the road—it's easier to get oil changes than it is to rebuild an engine.”
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