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Article: Administration: Giving Federal Reserve more powers could help protect financial system
- Article from:
- AP Worldstream
- Article date:
- June 19, 2008
- Author:
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The Bush administration said Thursday that the Federal Reserve should be given sweeping new powers to protect the integrity of the U.S. financial system, contending that this year's market turmoil had exposed a badly outdated regulatory system.
While acknowledging that congressional debate on the issue would take time, Treasury Secretary Henry Paulson said the discussion should begin without delay because the stakes for the financial system are so high.
"We should quickly consider how to most appropriately give the Fed the authority to access necessary information from highly complex financial institutions and the responsibility to intervene to protect the system so ...