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Can the Obama administration channel populist anger into the construction of a new regulatory system? In testimony about regulation before the House Financial Services Committee, Treasury Secretary Timothy Geithner declared the need for “not modest repairs at the margin, but new rules of the game.” He is proposing to regulate hedge funds, private-equity firms, and derivatives markets for the first time. According to Bloomberg, “A new systemic risk regulator would have powers to force companies to boost their capital or curtail borrowing, and officials would get the authority to seize them if they run into trouble.”