The Obama administration joined forces with Ben Bernanke yesterday to press Congress for stronger powers to intervene in troubled financial institutions, as moves to strengthen the regulatory system gained pace on Capitol Hill.
The Federal Reserve chairman called for a new oversight body to monitor big institutions that pose systemic risks and the authority to wind down stricken non-bank institutions such as AIG, the insurer.
Mr Bernanke said if such tools had been available when the government moved to rescue AIG last September “they could have been used to put AIG into conservatorship or receivership, unwind it slowly, protect policyholders and impose haircuts on creditors and counterparties as appropriate”.
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