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Fed Governor Randall Kroszner said emerging market growth is being hampered by the current credit turmoil.

Speaking on the international financial system at a conference in Buenos Aires, Argentina, Kroszner said the challenge of dealing with slowing economic growth around the world has been "complicated" by higher food and energy prices.

Speaking at the Cleveland Fed's 2008 Community Development Policy Summit on consumer credit markets, Fed Governor Randall Kroszner said that more disclosures on some credit products may not be sufficient to protect consumers.

"There are challenges in ensuring that the appropriate information is provided to help markets function efficiently," said Kroszner. "Product suppliers may not always provide...

Fed Governor Randall Kroszner said rising mortgage foreclosures are an "urgent problem" and called on Congress to pass a Fannie Mae and Freddie Mac regulatory bill.

"As the Federal Reserve builds on its consumer protection efforts in order to mitigate foreclosures for current homeowners, we are also concerned about the...