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 US plans to "rein in" Wall Street

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US plans to "rein in" Wall Street Vide
PostSubject: US plans to "rein in" Wall Street   US plans to "rein in" Wall Street Icon_minitimeFri Mar 27, 2009 12:06 am
US Treasury Secretary Timothy Geithner has outlined far-reaching plans to strengthen government authority over the US financial system.

The measures are designed to prevent the kind of systemic risk-taking among banks that has contributed to the current financial crisis.

Mr Geithner told a US House Committee that a simpler, more effective regulatory system was needed.

He said the government had not had "adequate tools" to handle the crisis.

'New rules'

The treasury secretary said the existing financial system had "failed in basic, fundamental ways".

"These failures have caused a great loss of confidence in the basic fabric of our financial system," he said.

He also talked of "unwise" risk-taking and a failure of "market discipline".

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