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Article: GOP Dubious on Fed's Focus if It Bolsters Powers.(Washington)(powers and duties of Federal Reserve Board)
- Article from:
- American Banker
- Article date:
- July 10, 2009
- Author:
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Byline: Steven Sloan
WASHINGTON - Though Republicans argued Thursday that the Federal Reserve Board stands to gain "sweeping" powers under the Obama administration's regulatory reform plan, a top official reiterated the central bank's view that the new authority would be merely "incremental."
The proposal to establish the Fed as a systemic risk regulator is a "natural outgrowth of the Federal Reserve's existing supervisory and regulatory responsibilities," Donald Kohn, the Fed's vice chairman, told a House subcommittee. "Through our role as consolidated supervisor of all bank holding companies, the Federal Reserve has long been responsible for ...