Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

FDIC Chairman: Agency Should Have Expanded Powers

FDIC Chairwoman Sheila Bair said today that her agency should have the power to close bank holding companies, insurers and other large financial institutions -- not just commercial banks.

The comments came during a speech she gave today before the Economic Club of New York. According to Bloomberg, this is the first time she's said that she wants that authority, which some argue should rest with the Federal Reserve.

Bair said that the lack of an orderly process for unraveling some of the country's massive financial firms has created a misperception that some companies are "too big to fail" -- an idea that she said should be "tossed into the dustbin." She said taxpayers are now left footing the bill.

You can read her full speech on the FDIC Web site.

-- Ylan Q. Mui

By Ylan Mui  |  April 27, 2009; 4:37 PM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Markets End the Day Down
Next: Fall Home Prices Begin To Slow, But Not In DC Area

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company