In other news...Submitted by fanofwalt on Tue, 07/08/2008 - 13:22
My, what a full plate we have today, with FISA and the blockade on the table...here are a few other stories to keep your eye on:
TEHRAN (Reuters) - Iran will hit Tel Aviv, U.S. shipping in the Gulf and American interests around the world if it is attacked over its disputed nuclear activities, an aide to Iran's Supreme Leader was quoted as saying on Tuesday.
"The first bullet fired by America at Iran will be followed by Iran burning down its vital interests around the globe," the students news agency ISNA quoted Ali Shirazi as saying in a speech to Revolutionary Guards.
Congress should consider giving the Fed power to set standards for capital liquidity holdings and risk management for investment banks, as it now does for commercial banks, Bernanke said. Already, the Fed has offered to be the lender of last resort for the investment banks. Read his prepared remarks.
In the past, the Securities and Exchange Commission has been the primary regulator of broker-dealers.
"This is the first time I ever recall the Fed coming out and arguing that it needs to have expanded oversight and responsibilities," said former Fed official Robert Eisenbeis in comments to Bloomberg television.
"The Fed is seeking broad oversight responsibilities that have been rejected in the past," Eisenbeis said.
It is a wide-open question what Congress will ultimately decide to do about the glaring inadequacies of the regulatory system that have come to light in the financial market crisis that began last summer.
The Fed would like greater authority to get detailed information about money markets and the activities of borrowers and lenders in those markets, Bernanke said.
Iraq's national security advisor says his country will reject a planned security agreement with the United States, unless it includes a specific timetable for the withdrawal of U.S.-led forces from Iraq.