Treasury Secretary Henry Paulson says the government must move quickly to
give the Federal Reserve more powers to regulate the financial system.
Paulson said Thursday that the central banks powers need to be expanded in
the wake of the near collapse earlier this year of Bear Stearns, the giant Wall
Street investment firm.
He said there was a need to consider quickly how to give the Fed the power
it needs to obtain information from investment banks and the responsibility to
intervene to protect the overall financial system. His comments were provided
by the Treasury Department as excerpts from a speech Paulson was to give later
in the day.
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