Fed will fail to land systemic risk role, Zoellick predicts
Robert Zoellick, the president of the World Bank, has said the US Congress is unlikely to extend the powers of the Federal Reserve to include the authority for monitoring systemic risk.
"In the United States, it will be difficult to vest the independent and powerful technocrats at the Fed with more authority," Zoellick told an audience in Washington, DC on Monday. "The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton [the first US Treasury secretary]. It
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