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Financial System Overhaul

Federal Reserve Chairman Ben Bernanke argued today for major reform of the U.S. financial system. Wall Street responded positively to Bernanke's proposals, which focus on the way institutions and markets are regulated. NBR's Darren Gersh takes a closer look at Bernanke's ideas.



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Related NBR Stories & Links

• 11-12-08: "Fixing the Financial Crisis" - Regulating the Financial Regulatory System
• 09-30-08: Mark-to-Market Accounting and the Financial Crisis
• 09-16-08: AIG Struggles to Survive
• 06-10-08: "Commentary" - Ways to Repair Our Financial Regulatory System

External Links/Articles*

• Congressional Oversight Panel (PDF Document)
  The Congressional Oversight Panel (COP) was created in late 2008 to oversee the $700 billion in economic bailout funds Congress provided to the Treasury. This links to a "Special Report on Regulatory Reform" the COP published in January 2009. The subtitle of the report is "Modernizing the American Fianncial Regulatory System."
• Federal Reserve
  The Federal Reserve is the central bank of the U.S. This links to a copy of the speech Fed Chair Ben Bernanke gave before the Council on foreign Relations on March 10, 2009. The speech is titled, "Financial Reform to Address Systemic Risk."
• Financial Services Roundtable (PDF Document)
  The Financial Services Roundtable is an advocate for the financial services industry. This links to the roundtable's "Proposal for Financial Regulatory Reform."
• U.S. House Committee on Financial Services
  This links to information about a October 21, 2008 hearing held by the House Committe on Financial Services. The hearing focused on "The Future of Financial Services Regulation" and included testimony from scholars like Alice Rivlin and Joseph Stiglitz. Links to the testimony are provided.
• U.S. House Committee on Oversight and Government Reform (PDF Document)
  This links to a copy of testimony Lynn Turner gave before the committee on October 7, 2008. Turner, the Securities and Exchange Commission's former top accountant, is interviewed in Darren Gersh's report. The testimony focuses on AIG's financial problems and the reasons why regulatory issues contributed to them.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.