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Washington
Inside Washington (03/10/2009)
* WASHINGTON (3/11/09)—Strong and effective regulation and supervision of banks is necessary for reducing systemic risks, but are not sufficient to guard against a future financial meltdown, Federal Reserve Board Chairman Ben Bernanke said in a speech this week. The current financial crisis, called the worst since the 1930s by the Fed chairman, was precipitated in part by failures of government oversight systems and private risk management. Those failures combined to let a flood of foreign money into the United States without ensuring it was prudently invested. The change needed to stave off future disasters, Bernanke said, is a broad reworking of government regulation of the country’s financial system, with an eye toward long-term changes (The New York Times March 10)… * WASHINGTON (3/11/09)—The Obama administration has nominated the following three people to key posts at the U.S. Treasury Department: Alan Krueger for assistant secretary of economic policy; Kim Wallace for assistant secretary for legislative affairs, and; David Cohen for assistant secretary of terrorist financing. Currently, all the nominees are counselors to the Treasury secretary. (American Banker March 10)…


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