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Fed rejects public review of central banks structure, governance
Key Excerpts from Article on Website of Bloomberg News
Posted: November 19th, 2009
http://www.bloomberg.com/apps/news?pid=20601068&sid=adjvXg1z...
The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central banks structure and governance, three people familiar with the matter said. U.S. lawmakers have also called for a review of the Feds power and structure, saying Fed Chairman Ben S. Bernanke overstepped his authority as he bailed out creditors of Bear Stearns Cos. and American International Group Inc. while battling a crisis that led to $1.62 trillion in writedowns and losses at financial firms. While the report requested by the Treasury hasnt been formally scrapped, no work has been done on the project, which was due Oct. 1. Treasury spokesman Andrew Williams declined to comment, as did Fed spokeswoman Michelle Smith. Congressional leaders have balked at the notion of giving the Fed more power and are leaning toward vesting authority over capital, liquidity and risk-management practices of big banks in a council of regulators.
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