Thursday, March 26, 2009

Administration Unveils Financial System Overhaul

Obama administration unveiled sweeping overhaul. First step to decide on a single entity to be responsibile for ensuring systemic stability over major institutions and payments and settlement systems. Federal Reserve cited as the most likely agency for that task. Geithner said advisers to hedge funds and other private pools of capital like private-equity and venture capital funds should register with the SEC.

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