Oral history interview with Daniel K. Tarullo, 2021
Abstract
Daniel Tarullo discusses his contribution to the monetary and regulatory policy of the United States during the years of the Obama presidency, throughout which he served in a variety of roles including as a member of the Board of Governors of the U.S. Federal Reserve System, a member of the Federal Open Market Committee (FOMC), the Federal Reserve's representative to the Financial Stability Board, chair of the Committee on Supervision and Regulation, and the chair of the Federal Reserve's Committee on Supervision and Regulation. Tarullo focuses on the regulatory conditions that allowed for the activities that led to the global financial crisis, the Obama administration's pursuit of financial system regulatory reform, and the distribution of regulatory authority over actors in the financial system across the federal government. He provides details about major policies, legislative processes, and initiatives with which he was closely involved, including the development and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, stress tests on major financial institutions, and regulatory negotiations with international counterparts. Tarullo also reflects generally on the status of the Federal Reserve in the American system of government, recounts discussions surrounding proposed transparency reforms, and describes the capacity of the central bank to impact major economic trends including the shape of the recovery from the post-2008 recession and rising economic inequality. Also discussed are relations between the reserve banks in the Federal Reserve system, the effects of the increased size of banks on the financial system, interagency coordination in regulatory processes, oversight of non-bank financial institutions, the Volcker Rule, debates among FOMC members about interest rate policy and the prospect of inflation, Tarullo's relationships with Ben Bernanke and Janet Yellen, and Tarullo's role on the Obama 2008 campaign and in the Obama transition project
Presidents--Transition periods--United States; Presidents--United States; Global Financial Crisis, 2008-2009--United States; Income distribution--United States; Transparency in government--United States; Tarullo, Daniel K; Obama, Barack; Board of Governors of the Federal Reserve System (U.S.); United States; United States. Federal Open Market Committee; Dodd-Frank Wall Street Reform and Consumer Protection Act
Format
oral histories
Genre
Interviews
Date
2021
Physical Description
94 pages
Note (Biographical)
Daniel Tarullo served as an advisor to President Obama's presidential campaign and on the transition. From 2009 through 2017, Tarullo also served as a member of the Board of Governors of the U.S. Federal Reserve System, a member of the Federal Open Ma rket Committee, the Federal Reserve's representative to the international Financial Stability Board, chair of the Committee on Supervision and Regulation, and chair of the Federal Financial Institutions Examination Council
Note
Interviewed by Dov Weinryb Grohsgal on March 18 and May 10, 2021. This interview is part of the Columbia University: Obama Presidency Oral History
Note (Provenance)
Daniel K. Tarullo, Gift, transferred from Columbia Center for Oral History Research 2022