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Geithner defends plan to step up oversight

WASHINGTON (AP) - Treasury Secretary Timothy Geithner says it is
clear that the government could have done more to prevent the
economic downfall.
In prepared testimony, Geithner says 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 says, is that no single regulator saw its job as
protecting the economy and financial system as a whole.
The administration's plan, which Geithner will outliernment's ability
to monitor and address risky market bets.
One problem, he says, is that no single regulator saw its job as
protecting the economy and financial system as a whole.
The administration's plan, which Geithner will outline Thursday
before the Senate Banking Committee, calls for the Federal Reserve
to do that job supported by a new council of regulators.


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