Fed's Fischer: Nonbank financial sector less vulnerable than before crisis

Fischer, who chairs a Fed subcommittee on financial stability, said there is less leverage, less use of securitization, and more moderate reliance on short-term funding among the insurance companies, mutual funds, money market funds and hedge funds that make up the U.S.'s sprawling nonbank financial sector. "At this stage of the recovery, there are signs of reduced nonbank financial sector vulnerabilities," Fischer said in remarks prepared for delivery at a conference in Frankfurt, Germany.

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