Federal Reserve should play central role to prevent, manage financial crises: statement

Xinhua News Agency | March 23, 2009 | Copyright

Federal Reserve should play central role to prevent, manage financial crises: statement

WASHINGTON, March 23 (Xinhua) -- In a joint statement with the U.S. Treasury Department, the Federal Reserve said on Monday that it should "play a central role," through cooperation with other agencies, in preventing and managing financial crises like the current one.

The Federal Reserve and the Treasury Department issued the statement hours after the Obama administration unveiled a long- awaited program aimed at cleansing from bank balance sheets toxic assets that have frozen up lending and fueled the ...

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