The United States must ensure

The United States must ensure that the many efforts under way to make its financial system more robust are aimed at achieving common goals, a senior Federal Reserve official said on Friday.

Brian Sack, head of the New York Federal Reserve Bank's markets group, said the worst financial crisis since the Great Depression revealed "significant structural shortcomings" in segments of the U.S. credit markets.

While the Fed was successful in fighting the fire, "it is now necessary to work towards creating a more robust financial system that addresses the structural deficiencies that brought us to the brink in the first place," Sack said, according to remarks prepared for delivery via video-conference to the ACI 2010 World Congress in Sydney, Australia.




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Brian Sack, head of the New York Federal Reserve Bank's markets group, said the worst financial crisis since the Great Depression revealed "significant structural shortcomings" in segments of the U.S. credit markets.

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