WASHINGTON -- The Department of the Treasury and the Federal Reserve are nearing a final compromise on consolidating the nation's bank regulators, Federal Reserve Board Governor John P. LaWare said Thursday.

Mr. LaWare also said that while Congress need not take action to regulate derivatives, bank management must "have a thorough understanding of the instruments and how they are being used."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.