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.18.09 / Geithner Defends Plan to Give Fed Stepped-Up Powers
By Robert Schmidt June 18 (Bloomberg)— Treasury Secretary Timothy Geithner defended the administration's proposal to give the Federal Reserve increased powers in his first public tussle with lawmakers skeptical whether the central bank is up to the job.
Advocating for President Barack Obama's regulatory overhaul on Capitol Hill, the Treasury chief faced repeated questions from senators who cited previous regulatory failures at the Fed and potential conflicts with its monetary-policy duties.
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