After decades of deference, legislators turn on central bank
(NEWSER) - Tim Geithner testified before the Senate Banking Committee yesterday, but as the Washington Post reports, it's not the Treasury but the Fed whose growing powers most worry legislators. Republicans and Democrats are both venting that Ben Bernanke's office did little to stop the excesses of the boom years, only to release $1 trillion to shore up giants like Bear Stearns and AIG. Sen. Richard Shelby told Geithner that the administration's proposal "represents a grossly inflated view of the Fed’s expertise," notes Politico. More»