Federal Reserve Latest News: Fed's Tarullo Says Glass-Steagall Return not High on His List
Fed Governor Daniel Tarullo questioned the latest congressional plan to break up big banks, saying it is unclear whether such a move would prevent the next financial crisis. Tarullo, who has been the agency's point man on financial regulation, said regulators should instead crack down on short-term funding methods that leave banks susceptible to runs. Careful what you wish for, you just might get it. Equity investors hanging on Federal Reserve chief Ben Bernanke's every utterance have seen markets go on a wild ride in the past six weeks, only to wind up where they began. Emerging economies that have thrived on ultra-loose U.S. monetary policy and insatiable Chinese demand for natural resources are in for another rude wake-up call. Federal Reserve Chairman Ben Bernanke will explain in two days of congressional testimony that his plan to buy fewer bonds is not the same as raising interest rates. And while China's days of double-digit growth are over, data should show it expanded around 7.5 percent in the second quarter from a year earlier.
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