O primeiro meio ano foi para limpar o sistema, o próximo semestre será para avançar com a construção de um modelo que evite uma nova catástrofe do sistema. Tim Geithner, secretário do Tesouro, explica, em artigo no Wall Street Journal:
«Treasury Secretary Timothy Geithner faced the questions from Congress Thursday, but it was the Federal Reserve that had lawmakers' attention as they expressed concern about vesting more authority with the central bank.
Mr. Geithner, appearing in rare back-to-back hearings on both sides of Congress, was repeatedly pressed on the regulatory overhaul unveiled Wednesday by President Barack Obama and the Treasury Department.
In testimony to the Senate Banking Committee, Mr. Geithner said that gaps and weaknesses in the regulatory framework governing banks and other financial institutions "presented challenges" to the government's ability to monitor and address risky market bets. One problem, he said, is that no single regulator saw its job as protecting the economy and financial system as a whole.
"We cannot let that happen this time. We may disagree about the details, and we will have to work through those issues. But ordinary Americans have suffered too much; trust in our financial system has been too shaken; our economy has been brought too close to the brink for us to let this moment pass," he said.
In the first formal airing of concerns with the Obama plan, lawmakers focused on the linchpin of the proposal: giving the Fed broad authority to regulate systemic risk and examine any firm that could threaten financial stability.
Mr. Geithner said the head of the Federal Reserve Board would be held accountable for systemic risks to the financial system.
"I personally believe this represents a grossly inflated view of the Fed's expertise," Sen. Richard Shelby (R., Ala.), said during Mr. Geithner's appearance before the Senate Banking Committee.
Sen. Jim Bunning (R., Ky.), a longtime Fed critic, pointed out that the Fed has declined to use its authority when it was given powers by Congress, most notably with writing mortgage regulations passed by Congress in 1994.
"It took 14 years for the Fed to write one regulation on mortgages that we gave them," Sen. Bunning said. "What makes you think the Fed will do better this time around?"
In addition to a lack of faith in a more powerful Fed on the part of some lawmakers, they were also wary of impinging on the central bank's core mission to set monetary policy. A requirement in the Obama plan that the Fed seek Treasury approval to use emergency lending powers, is troubling, lawmakers said.
"I think that's really crossing a line and a sort of fundamental change," Sen. David Vitter (R., La.), said. "All of a sudden, the Fed is acting more like a department of the government than an independent bank."
Committee Chairman Christopher Dodd (D., Conn.) also raised questions about the use of the Fed for such an overarching task. But he applauded the administration for including a new agency to protect consumers in their banking transactions.
Sen. Dodd said regulators must be empowered and that gaps in oversight should be eliminated. Financial institutions that pose a threat to the economy shouldn't go unchecked, he said, and there should be more transparency in certain markets.
But Sen. Dodd blamed the Fed for "dropping the ball" on consumer protections.
Mr. Geithner said that in creating the consumer protection agency, the administration was taking power away from the Fed even as it was adding to its authority. "That is a substantial diminishment of authority, preoccupation and distraction," he said.
Mr. Geithner, fielding the criticism from both sides of the aisle, said the Fed is best suited among existing agencies to be the chief cop overseeing the financial system as a whole.
"It has a greater knowledge and feel for broader market developments than is true for any other entity," he said.
He also downplayed the idea that the plan would consolidate too much power at the central bank, calling any expansion "actually quite modest" and saying that the Obama administration doesn't want to overextend the Fed.
The Fed's ability to act independently will not be removed, he vowed.
"It is very important that we preserve the independence of the Fed and its basic credibility and responsibility for monetary policy. We would not recommend a proposal that would put that at risk," Mr. Geithner said.
Besides empowering the Federal Reserve to oversee the largest and most influential financial firms, President Barack Obama wants to create a council of federal regulators, chaired by the treasury secretary, to monitor risk across the broader market but not have authority over large financial institutions. The new consumer protection agency would be created to prevent deceptive practices by such companies as credit card lenders and mortgage brokers.
Mr. Geithner said U.S. policy makers must "fundamentally rethink" the government's role in the nation's housing market, and a key part of that will be determining what to do with Fannie Mae and Freddie Mac.
It is "essential" that Congress and the White House figure out what to do with the two mortgage finance giants that have been under government control since last September, he said. But any decisions on the future of the two firms should be part of a broader consideration of what role the government should have in encouraging homeownership and housing policy, he said.
Additionally, he said the Treasury and the administration "couldn't do it carefully enough, thoughtfully enough in this time frame."
Democratic leaders have committed to enacting the regulatory revision by the end of the year. The proposal is aimed at filling in regulatory gaps and increasing oversight of the financial markets to prevent another economic calamity.
"We regard this as very pro-market," said Rep. Barney Frank (D., Mass.), who chairs the House Financial Services Committee. "Unless you have investors that are well-protected, you don't have a market."
A swift legislative endorsement of the plan could be difficult. Sen. Dodd is leading a major overhaul of the nation's health-care system, while the Senate also faces a debate on whether to confirm Supreme Court nominee Sonia Sotomayor.»
in 'http://online.wsj.com/article/SB124532495495527289.html'
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