Alliance criticizes Obama's plan to expand Fed's authority

07/15/2009 | Financial Times (tiered subscription model)

An alliance comprising analysts, investors and former regulators said the Federal Reserve's role in the financial crisis had "tarnished" its credibility. The coalition plans to attack President Barack Obama's plan to expand the Fed's powers over major financial institutions. Congress has opposed giving the Fed more authority to monitor systemically important banks, a stance that will be bolstered by the coalition's scrutiny.

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