FDIC's Bair: New system of financial supervision needed

03/20/2009 | NYTimes.com

Sheila Bair, head of the Federal Deposit Insurance Corp., told Congress that the strategy of rescuing institutions deemed "too big to fail" needs to be reconsidered. Changes are needed to keep institutions from becoming so huge that they pose a systemic risk, she said. Bair also said forming a systemic-risk regulator "is not a panacea."

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