Treasury Chief Calls on Congress to Promptly Consider New Authorities for the Fed to Combat Systemic Risk
June 20, 2008
Treasury Secretary Henry Paulson this week called on Congress to quickly begin a review of how best to bolster the Federal Reserve’s authority to respond to systemic risk issues before they become a crisis like the one that torpedoed investment bank powerhouse Bear Stearns. “The Bear Stearns episode and market turmoil more generally have placed in stark relief the outdated nature of our financial...