Skip to: Content
Skip to: Site Navigation
Skip to: Search

November 22, 2008 6:58:30 CST

Learn about Newser Points »

« Back to the grid | Next story »

Paulson Seeks Expanded Fed Powers

Posted Jun 19, 08 6:39 CDT in US,  Business 

(Newser) – Treasury Secretary Henry Paulson today will urge Congress to broaden the Federal Reserve’s oversight role on Wall Street, giving it the authority to demand data from financial institutions to help prevent incidents like the Bear Stearns collapse. Any major change in regulatory authority would have to be approved by Congress, reports the Washington Post.

"Our nation has come to expect the Federal Reserve to step in to avert events that pose unacceptable systemic risk," Paulson plans to say. "We should quickly consider how to appropriately give the Fed the authority to access necessary information and the responsibility to intervene in order to protect the system, so they can carry out the role our nation has come to expect."

Source Washington Post

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Global Economy Needs Shelter From the Storm

    Oct 9, 08 11:28 CDT
    Global Economy Needs Shelter From the Storm The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before; often, some assets are sold to other companies that can make better use of them."
    More »

  • SEC Chair Cox Fiddled as US Markets Burned

    Sep 22, 08 3:22 PM CDT
    SEC Chair Cox Fiddled as US Markets Burned With US markets in upheaval, the head of the watchdog Securities and Exchange Commission was preoccupied with a new technology for corporate filing, Bloomberg reports. Christopher Cox’s inaction has provoked bipartisan criticism: McCain adviser Carly Fiorina said he has been “asleep at the switch,” while Democratic Sen. Chris Dodd has ordered a probe into the drastic drop in SEC enforcement under Cox’s watch. More »

  • Bernanke, Paulson Put Fear of God Into Pols

    Sep 19, 08 4:18 PM CDT
    Bernanke, Paulson Put Fear of God Into Pols Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the meeting between a select group of lawmakers and the two officials.
    More »

  • Feds, Banks Seek Lehman Deal by Tonight

    Sep 13, 08 2:05 PM CDT
    Feds, Banks Seek Lehman Deal by Tonight Washington and Wall Street continued talks today aimed at solving the Lehman Brothers crisis as early as tonight, the Wall Street Journal reports. Federal Reserve officials still refuse to approve a bailout like the one that enabled JP Morgan to acquire Bear Stearns this summer—but possible buyers like Bank of America and Barclays are balking at Lehman's bad assets, which have so far hindered a deal. More »

  • Senator: Fire 'Socialist' Paulson

    Sep 9, 08 5:45 PM CDT
    Senator: Fire 'Socialist' Paulson Treasury Secretary Henry Paulson saved Fannie Mae and Freddie Mac, but now he may have to worry about saving his own job: One Republican senator called his policies socialist and recommended that he and Fed chief Ben Bernanke resign, Bloomberg reports. “They have taken the free market out of the free market,” said Jim Bunning of Kentucky.
    More »

Timothy Geithner, president of the Federal Reserve Bank of New York   (AP Photo/CP, Ian Barrett, File)
Treasury Secretary Henry Paulson   (AP Photo/Lawrence Jackson)
Federal Reserve chairman Ben Bernanke   (AP Photo)
Federal Deposit Insurance Corporation (FDIC) Chairwoman Sheila Bair   (AP Photo)
U.S. Treasury Secretary Henry Paulson   (AP Photo/Itsuo Inouye)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 5)

Tags

Federal Reserve • Henry Paulson • Ben Bernanke • Bear Stearns • oversight • Federal Reserve Bank of New York


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »