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Plan to audit Federal Reserve appears poised to clear Senate

RELATED: Congressman Ron Paul (R-TX), founder of ‘Audit the Fed’ movement, insists amendment allows Fed to keep its secrets Following last-minute adjustments, a proposal to audit the Federal Reserve that the Obama administration once opposed was on the verge of passing the Senate as it attracted broad support from conservatives…

Ideological battle rages at heart of the Fed

WASHINGTON (AFP) – Like any good central banker, the Federal Reserve’s Ben Bernanke cut a calm figure Thursday, sketching an endgame for vast crisis lending without hinting at the ideological storm that engulfs him. From behind a thick wooden desk, Bernanke assured Congress that the Fed would not raise interest…

Senate Finance Committee passes expansion of Fed powers

Fresh from the landmark victory passing health care reform, President Barack Obama’s administration set its sights Monday on sweeping reforms of Wall Street’s “too-big-to-fail” banks. Treasury Secretary Timothy Geithner urged lawmakers to engage in the “just war” of reforming the banking sector, as a key Senate committee voted to reform…

IMF chief pushes for more power, new global currency

The International Monetary Fund wants more power to police the global financial system and a bigger role in emergency financing, managing director Dominique Strauss-Kahn said Friday. In a speech to the Bretton Woods Committee, a finance reform think tank in Washington, D.C., he claimed that a stronger IMF also warrants…

Geithner: ‘I had no role’ in an AIG cover up

Update at bottom: Dem Congressman tears into Geithner: ‘It makes me doubt your commitment to the American people’; NY Times notes “liberals and conservatives alike, took turns hectoring” WASHINGTON — US Treasury Secretary Timothy Geithner told lawmakers Wednesday he acted properly in the 2008 bailout of AIG and the subsequent…

House committee wants Geithner testimony over AIG bailout scandal

The chairman of the House oversight committee has questions about the $182 billion in bailouts given to American International Group and he’s ready to call in the U.S. Treasury secretary to get some answers. At least one television host is suggesting the New York Federal Reserve’s involvement in the bailout…

Geithner’s Fed tried to keep sweet deal for banks a secret: Issa

The controversy surrounding Treasury Secretary Tim Geithner’s role in the 2008 Wall Street bailouts was ramped up Thursday with the revelation of emails that show the New York Federal Reserve — then run by Geithner — pressured insurance giant AIG to withhold information about payments the company made to its…

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