According to an article by Evan Weinberger of Law360, it appears that the Federal Reserve is planning on stepping up its supervision and regulation of banks. At a conference in New York, Fed Chairman Paul A. Volcker said that his agency needs to take its obligations as a bank supervisor and regulator as seriously as its responsibilities in shaping monetary policy. “The Federal Reserve has to pay more attention to the regulatory side," Volcker said. The Law360 article points out one impediment to the Fed taking a more active supervisory role—President Obama has not appointed anyone to serve as Vice Chairman for Supervision. Section 1108 of the Dodd-Frank Act requires the President to designate, with the advice and consent of the Senate, a member of the Federal Reserve’s Board of Governors to serve a Vice Chairman for Supervision. Volcker told the conference that filing this position would lead to more vigorous monitoring of financial institutions. Volcker made similar comments before a senate sub-committee in May 2012. “Supervision of the banking and financial system should have a strong and visible place on the agenda at the Federal Reserve. It should have a proper focus in Congressional oversight. That the position remains unfilled, two years after its authorization and in the midst of financial uncertainty, is a mystery to me.”