The revamp of the U.S. financial system needs to focus on encouraging smaller and less complex firms over the "too big to fail" companies at the center of the current economic turmoil, top U.S. economic officials told lawmakers.
The day before the U.S. government releases "stress test" results for 19 banks the government will not allow to fail, Federal Reserve Bank of Minneapolis President Gary Stern said officials needs to "reduce the probability and magnitude" of any future bailouts of the financial industry.
"We have to try and put ourselves in a position so that even if you do have to bail someone out .. you want to make sure the next steps you take reduce the probability you'll have to do it again," Stern said before the Senate Banking Committee.
1 comment:
Eva- don't quite know how this works. Is there anyone there that wants press advisories from Chicago Board Options Exchange
Post a Comment