Officials should take their time with regulatory reforms to make sure that they get it right and find a lasting solution, Federal Reserve Vice Chairman Donald Kohn said on Friday.
I hope we build a regulatory structure that is good for a couple of decades. I think it is worth taking our time to get it right, rather than moving quickly, Kohn said in response to a question after speaking on a panel at the Boston Fed's annual conference in Cape Cod.
Kohn said he would be worried if he thought the impulse for reform was dissipating because markets were getting better, but added that he did not think this was the case.
Everybody recognizes we came through a terrible period, Kohn said.
In response to an audience question, Kohn said he would not want to have a financial stability remit added to the Fed's monetary policy mandate, but would want it to be kept separate.
(Reporting by Kristina Cooke)