Fed and SEC vie to regulate investment banks

The heads of Securities and Exchange Commission (SEC) and the New York Federal Reserve made the case for their institution to supervise investment banks before US lawmakers.

Tim Geithner, the president of the New York Fed, and Christopher Cox, the chairman of the SEC, pleaded their cases to the House of Representatives' Committee on Financial Services.

Geithner argued that the threat that non-commercial banks pose to the financial system justified the provision of lender-of-last-resort to them

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