N.Y. Fed Chief Calls for More Fed Authority

N.Y. Fed Chief Calls for More Fed Authority - Bloomberg via NY Sun

The president Federal Reserve Bank of New York, Timothy Geithner, called for greater central bank authority over banks so the financial system can better withstand shocks and recover from the credit crisis. the Fed's lending programs to commercial and investment banks will remain "until conditions in money and credit markets have improved substantially," Mr. Geithner wrote in an op-ed article for the Financial Times. His remarks were excerpted and adapted from a speech to be delivered yesterday in New York.