The Federal Reserve Board has identified roughly 250 projects that it will need to undertake as a result of the Dodd-Frank regulatory reform law, Chairman Ben Bernanke is expected to tell a Senate committee on Thursday.
In testimony released a day early, Bernanke said those projects are in addition to the 50 rules and guidelines the central bank must write, as well as a number of studies and reports.
"The act gives the Federal Reserve several crucial new responsibilities," said Bernanke, according to his prepared remarks.
Bernanke is scheduled to testify alongside other federal regulators at the Senate Banking Committee. In his remarks, Bernanke said the Fed had hired a senior staffer to oversee and coordinate all implementation efforts.
He also said Gov. Elizabeth Duke is taking the lead on working on a transition process to the newly created Consumer Financial Protection Bureau, which will assume the Fed's consumer protection responsibilities.