Geithner Faces Grilling Over Fed Role In Overhaul

Law360, New York (June 18, 2009, 12:00 AM EDT) -- A skeptical Senate Banking Committee had the Federal Reserve's increased authority to monitor systemic risk in mind when Treasury Secretary Timothy F. Geithner went up to Capitol Hill Thursday, one day after the Obama administration announced what it called a sweeping reorganization of the financial regulatory system.

Senators from both sides of the aisle questioned whether giving the Fed additional powers over the economic system would limit its independence, and whether the central bank performed its already existing regulatory functions well enough in the run-up to...
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