Panel Says Future Bank Stress Tests May Be Needed

Law360, New York (June 9, 2009, 12:00 AM EDT) -- The much-ballyhooed stress tests conducted by the Obama administration to measure the health of 19 major domestic banks were, on the whole, solid, the leader of a panel tasked with overseeing $700 billion in federal bailout spending said Tuesday.

Harvard Law School professor Elizabeth Warren, who chairs the Congressional Oversight Panel, told the Joint Economic Committee of Congress that rising unemployment – if it continues or worsens – would be cause for more tests.

Warren warned lawmakers that job-loss numbers “are bad, and they're headed in...
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