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Fed, SEC Fight For Wall St. Custody
Forbes Markets
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7-25-2008 9:43 AM
352 views
tags:
wall street
,
banking
,
regulation
,
federal reserve
,
sec
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7083e92f-dac3-498a-843d-819e974ef187/A8CB166D-66D0-4EE5-89E2-449803EBDD89/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/economics/2008/07/24/fed-sec-fight-for-wall-street-custody/" href="http://blogs.wsj.com/economics/2008/07/24/fed-sec-fight-for-wall-street-custody/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2008/07/24/fed-sec-fight-for-wall-street-custody/"><P>The fight for custody of Wall Street firms is underway.</p> <P>Congress will make the call between two regulatory parents: the <STRONG>Securities and Exchange Commission</STRONG>, which oversees brokerage activities and markets, and the <STRONG>Federal Reserve</STRONG>, which oversees commercial bank holding companies and overall financial safety and soundness.</p> <P>SEC Chairman <STRONG>Christopher Cox </STRONG>made a clear pitch Thursday for custody, calling on Congress to fill a regulatory hole that has left no federal agency charged with oversight of investment bank holding companies.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2008/07/24/fed-sec-fight-for-wall-street-custody/"><P>New York Federal Reserve Bank President <STRONG>Timothy Geithner</STRONG>, who testified alongside Cox at the House hearing, defended the Fed’s lending to investment banks, telling lawmakers that it’s helped strengthen confidence shaken by market turmoil. Geithner walked a fine line between asking for more authority and not making it seem like a power grab.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A8CB166D-66D0-4EE5-89E2-449803EBDD89/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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