US Federal Bank to get special powers

March 31st, 2008 - 11:24 pm ICT by admin  

Washington, March 31 (DPA) The US Federal Reserve will get broad new powers of regulation over financial institutions under a government plan unveiled Monday to clamp down on investment banks wracked with billions of dollars in losses from the ongoing mortgage crisis. The proposal announced by Treasury Secretary Henry Paulson comes after the central bank took a series of dramatic steps in the past month to bail out financial firms that have reported more than 200 billion dollars in writedowns over mortgage-backed securities.

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