Barack Obama economic adviser Laura Tyson said at the Democratic National Convention on Monday that U.S. financial regulation needs modernizing, but hedged on how big a role to give the Federal Reserve.
Tyson, former chair of the Council of Economic Advisers in the Clinton administration, said she believes the Fed failed to crack down on subprime mortgage lending in recent years.
“What we have learned from the past two years … is that the old form of regulation is broken,” Tyson said.
View the full video conducted by Corbett B. Daly, Washington bureau chief for Thomson Reuters markets. Click here for the related story from Reuters News.
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Revamping of financial supervision,due to bad mortgage and collaterized debt obligation has given uncertainties to the public trust and market.
- Posted by Sugiarto SetiabudiMedia journalist should not act like business rather than professionals in their articles.
Corporate malfeasance is the important things of bad mortgage that is still in the financial market around 500 billions USD.