NY Fed Boss Wants a Global Bank Regulation
MarketWatch
June 9, 2008
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LONDON (MarketWatch) — Commercial banks and investment banks key to the health of the global financial system should operate under a unified regulatory framework “that provides a stronger form of consolidated supervision, with appropriate requirements for capital and liquidity,” wrote New York Federal Reserve President Timothy Geithner in Monday’s Financial Times. Geithner said the Fed should play a central role in the framework, working closely with supervisors in the U.S. and other countries. Geithner said authorities need a stronger capacity to respond to crises and that the Fed would leave facilities designed to ease liquidity strains in place until conditions in money and credit markets “have improved substantially.”
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