PRINCETON, N.J. (AP) — The president and CEO of the Federal Reserve Bank of New York says the financial world can learn from the economic crunch of the past two years to become more resilient in future crises.
William Dudley spoke at a symposium at Princeton University's Center for Economic Policy Studies on Friday.
He said the financial crisis deepened quickly partly because of its reliance on funding that came from places other than the traditional banking system.
Dudley said the funding came from the so-called "shadow bank" system of unregulated finance companies and turned out to be more fragile than expected.
Dudley said there's no "magic bullet" to fix that, but a number of steps being taken now could help.
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