Geithner says Fed powers may need extending

Timothy Geithner, president of the Federal Reserve Bank of New York, said late on Monday 25 September that the Federal Reserve may have to extend its supervisory authority to securities firms and hedge funds to keep up with their growing role in the financial system.

``We have capital-base supervision over a diminished and smaller share of the system as a whole,'' Geithner said at a panel discussion in New York. ``We may come to a point in the future that we may have to revisit both the scope

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