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Geithner Defends Plan to Give Fed Stepped-Up Powers in Overhaul

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posted on Jun, 18 2009 @ 10:53 AM

Treasury Secretary Timothy Geithner defended the administration’s proposal to give the Federal Reserve increased powers in his first public tussle with lawmakers skeptical whether the central bank is up to the job.

Advocating for President Barack Obama’s regulatory overhaul on Capitol Hill, the Treasury chief faced repeated questions from senators who cited previous regulatory failures at the Fed and potential conflicts with its monetary-policy duties.

“The Federal Reserve is best positioned” to oversee the biggest financial companies, Geithner told the Senate Banking Committee in Washington, adding that the Obama plan gives the Fed only “modest additional authority.” Most central banks around the world have some responsibility for monitoring systemic risks, he said.


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[edit on 18/6/2009 by Mirthful Me]

posted on Jun, 18 2009 @ 11:05 AM
I find it funny that Congress gave the Treasury Secretary more powers and now he wants to delegate most of that power to the FED. Kinda makes me wonder who the extra power was for in the first place.

posted on Jun, 18 2009 @ 11:24 AM
reply to post by TheCoffinman

You have to admire this line of thinking....not! Giving the FED power over banks and international trading is just like turning over the day to day operations of a prison to the inmates.

This is insane!! The FED essentially has all the power any private bank could ever dream of. They controll the treasury dept.,with that comes the legislative,excutive,and judical branches of the government. Now they are being handed the reins to control wall street and private banks.

When do you think that they will lobby to change the pledge of allegiance

I pledge allegiance to the MAN
for the lose of the republic,they couldn't stand
One master, devoid of God
with penalties and interest for all.

posted on Jun, 18 2009 @ 11:29 AM
reply to post by daddyroo45

love it, Geithner is nothing but the poppet of the Federal Reserve everybody knows that, the fed tells him jump and he just answer how high.

posted on Jun, 18 2009 @ 11:37 AM
reply to post by marg6043

a puppet? he's an employee!

didn't he head up federal reserve bank of NY before being part of obamas team?

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