Fed official scrutinizes financial-revamp legislation

05/26/2010 | Bloomberg

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said Congress' legislation to overhaul financial regulation likely would not prevent future crises. "My early assessment is that the House legislation -- and to some extent even the Senate version -- creates enough discretionary rescue powers to dampen market discipline and sustain the vicious circle that brought us an expansive financial safety net," Lacker said.

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