and artist in which fellow panelists, gary stern, don cohen, chairman bernanke, and bruce. thank you all for being here. i want to remind everybody that the views and exposing today are my own and i not speaking on behalf of the federal open market committee or the bird of governors which sets regulatory and supervision policy on behalf of the federal reserve system. today, i will offer my assessment of the current status and outlook for ending the problem of too big to fail banks. problem from the perspective of a policymaker who is on the front line, responding to the financial crisis in 2008. when congress moved quickly to pass the dodd frank act, in 2010, i strongly supported the need for financial reform. but, i wanted to see the act implemented, before i drew firm conclusions about whether or not it solved too big to fail. in the last six years, my colleagues across the federal reserve system have worked diligently, under the reform framework that congress established, and are fully utilizing the available tools under the act to address too big to fail. while signific

because we have made the banks too risk-averse, that the proliferation of bank regulations that gary stern partially listed, is causing us -- is hurting us. do you think they are outweighed by the risk? mr. kashkari: i'm very sensitive to the fact that small banks and community banks are being caught up in the regulatory net that is focused on largest banks. if we took more aggressive actions to make the large banks safer, perhaps we could relieve some of the burden across the system and free up some of the community banks and regulations so it is easier to lend to families and small businesses. i take that seriously and i think we can address that as part of the solution. mr. kohn: i would like to pick up a point that gary made. gary's point about fragmentation organization of the regulatory structure. i used to think that we kind of live with it, and people were -- i don't anymore. i think it is a very serious problem. one reason it has taken so long for the dodd frank rules to be put in place is it requires cooperation among all these agencies, and they each have a slightly different pe

big to fail the 1990s it as david noted, one of my colleagues here today one of my predecessors gary stern both authored the original book on this topic, too big to fail, arguing in 2043 years before the crisis they argued they would not stick to their no bailout pledges. they were right. building on this important work and worked on since the crisis, fellow reserve is launching a major initiative to can either transformational options and develop an actionable plan to attend too big to fail. starting in the spring will hold a series of policy symposium to explore various options are maxtor researchers around the country. we'll country. google also invited leaders from policy and regulatory institution and yes the financial sector to offer their views and test one another's assumption. we will consider the likely benefits, cost, risk and implementation challenges of these options and we will invite the media to do symposium semites train them so the public can follow about and learn with us. following symposiums will publish arrays, summarizing our key takeaways on each issue so i'll can p