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Paulson says new financial
rules needed
JEANNINE AVERSA
AP
News
Thursday, March 27, 2008
If big Wall Street investment houses are allowed to run to the
Federal Reserve for emergency lending, they must face stepped-up
regulation, Treasury Secretary Henry Paulson declared Wednesday.
The demise of once-mighty Bear Stearns proves "the world
has changed," underscoring a need for the government to adapt,
too, he said.
The Bush administration will soon put forth an oversight blueprint
in an effort to promote smoother functioning of financial markets,
Paulson said in a speech to the U.S. Chamber of Commerce.
(Article continues below)
The implosion of investment house Bear Stearns and fears that
others could be in jeopardy have sent a tremor rippling through
trading rooms of Wall Street, the corridors of official Washington
and the living rooms of many Americans. The situation has raised
new questions about whether regulations need to be revamped to
better keep up with the world of modern finance and to avert a
repeat of the chaos now confronting the country.
Commercial banks, a national financial bedrock, are subject to
regulations, including bank examinations and rules for submitting
detailed financial information, to help regulators gauge their
safety and soundness.
Full
article here.
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