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Geithner Defends Plan to Give Fed Stepped-Up Powers in Overhaul

Posted By admin On June 18, 2009 @ 9:06 am In Money Watch | Comments Disabled

Robert Schmidt
Bloomberg News [1]
Thursday, June 18, 2009

RELATED: Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States [2]

June 18 (Bloomberg) — Treasury Secretary Timothy Geithner defended the administration’s proposal to give the Federal Reserve increased powers in his first public tussle with lawmakers skeptical whether the central bank is up to the job.

Advocating for President Barack Obama’s regulatory overhaul on Capitol Hill, the Treasury chief faced repeated questions from senators who cited previous regulatory failures at the Fed and potential conflicts with its monetary-policy duties.

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Geithner Defends Plan to Give Fed Stepped Up Powers in Overhaul  290509banner [3]

“The Federal Reserve is best positioned” to oversee the biggest financial companies, Geithner told the Senate Banking Committee in Washington, adding that the Obama plan gives the Fed only “modest additional authority.” Most central banks around the world have some responsibility for monitoring systemic risks, he said.

Obama’s plan calls for the Fed to monitor the biggest, most interconnected banks, sets up a new agency to oversee consumer financial products and brings hedge funds and private equity firms under federal supervision for the first time. The central bank, which supervised Citigroup Inc. and Bank of America Corp., has come under fire from some members of Congress for its secretiveness and lack of public accountability.  

Full story here. [1]


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URLs in this post:

[1] Bloomberg News: http://www.bloomberg.com/apps/news?pid=20601087&sid=afydjEJN5RJc

[2] Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States : http://www.prisonplanet.com/obama-regulatory-reform-plan-officially-establishes-banking-dictatorship-in-united-states.html

[3] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[4] Geithner Said to Tell Bernanke Fed Gains Most in Rules Overhaul: http://www.prisonplanet.com/geithner-said-to-tell-bernanke-fed-gains-most-in-rules-overhaul.html

[5] Geithner Warns Regulators to Back Reform Plan: http://www.prisonplanet.com/geithner-warns-regulators-to-back-reform-plan.html

[6] Fed Rejects Geithner Request for Study of Governance, Structure: http://www.prisonplanet.com/fed-rejects-geithner-request-for-study-of-governance-structure.html

[7] Geithner: Pickpocketing Trillions from the People to Give to the Oligarchy Was “Deeply Unfair”, But We … Um … Had To: http://www.prisonplanet.com/geithner-pickpocketing-trillions-from-the-people-to-give-to-the-oligarchy-was-deeply-unfair-but-we-um-had-to.html

[8] Geithner Says Obama Economic Plan Will Come in Next Few Weeks: http://www.prisonplanet.com/geithner-says-obama-economic-plan-will-come-in-next-few-weeks.html

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