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Geithner says " Federal Reserve best positioned to become the Super Regulator "

 
Anonymous Coward
User ID: 706056
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06/18/2009 11:45 PM
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Geithner says " Federal Reserve best positioned to become the Super Regulator "
[link to news.xinhuanet.com]

Geithner says Federal Reserve best positioned for super regulator role


www.chinaview.cn 2009-06-18 00:34:08 Print

WASHINGTON, June 18 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner said on Thursday that the Federal Reserve is best suited to become a super regulator to oversee large institutions whose failure could threaten the stability of the entire system.

"The Federal Reserve is best positioned to play that role," said Geithner in testimony before the Senate Banking Committee. "It already supervises and regulates bank holding companies, including all major U.S. commercial and investment banks."

"Our plan gives a modest amount of additional authority -- and accountability -- to the Fed to carry out that mission. But it also takes some authority away," said the Treasury chief.

According to the rules unveiled by U.S. President Barack Obama Wednesday, large, interconnected firms whose failure would threaten the financial system's overall stability would face new consolidated supervision by the Federal Reserve.

The reform also will create a council of regulators with broad coordination responsibility across the financial system.

"This Council will fill gaps in the regulatory structure where they exist. It will improve coordination of policy and resolution of disputes," Geithner explained in the testimony. "And, most importantly, it will have the power to gather information from any firm or market to help identify emerging risks."

"The Council does not have the responsibility for supervising the largest, most complex and interconnected institutions. The reason is simple: that is a specialized task, which requires tremendous institutional capacity and organizational accountability," said Geithner.

"Nor would the council be an appropriate first responder in a financial emergency. You don't convene a committee to put out a fire," he added.
NightWisp

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06/18/2009 11:54 PM

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Re: Geithner says " Federal Reserve best positioned to become the Super Regulator "
Didn't the Federal Reserve contract run out a few years ago?
Isn't the FedDead.

I guess they keep on dreaming of stealing what isn't nailed down.
Anonymous Coward
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06/19/2009 12:04 AM
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Re: Geithner says " Federal Reserve best positioned to become the Super Regulator "
Well now Geithner *would* say that, now wouldn't he?

And those asshat Dems in Congress will eat it up just like they've been sucking up to the Fed now for two years.

Pain >>>> here we come, AGAIN
Exile

User ID: 703465
Australia
06/19/2009 12:11 AM
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Re: Geithner says " Federal Reserve best positioned to become the Super Regulator "
Just give the keys to the asylum to the crazies already.
Mama told me not to come to this planet.


All great truths begin as blasphemies.
Nobody's sister set it up the bomb so talk to her.
Siriusly ... most of the time I'm only jokering around.
Sanity is a crazy man's crazy in a crazy world.
:Exile:
Anonymous Coward (OP)
User ID: 706056
United States
06/19/2009 12:15 AM
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Re: Geithner says " Federal Reserve best positioned to become the Super Regulator "
Just give the keys to the asylum to the crazies already.
Mama told me not to come to this planet.


 Quoting: Exile

lol