Bernanke, Geithner Call for Broader Government Power

by Benjamin Domenech on 1:45 pm March 24, 2009

WASHINGTON — The U.S. government needs to be able to take over and wind down a broad range of economically important non-bank financial institutions, top economic officials told Congress Tuesday, though who will get that authority was left as an open question.

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner told House lawmakers the government’s experience with American International Group Inc. highlights the need to deal with increasingly complex and systemically important institutions.

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