Geithner defends Fed from Congressional attack

Tim Geithner, the US Treasury secretary and a former head of the New York Federal Reserve, backed the Federal Reserve as the best institution to monitor systemic risk after lawmakers queried the central bank's ability to do so.

Commenting on the Obama administration's proposals for regulatory reform, Geithner, told the Senate Banking Committee on Thursday: "The Federal Reserve is best positioned to play the role of supervising the largest, most complex and interconnected institutions role."