WASHINGTON, Oct. 30 (UPI) -- Lawmakers and economists have expressed doubts about a major U.S. Treasury Department proposal to regulate future financial crisis.
Treasury Secretary Timothy Geithner outlined the proposals Thursday for the House Financial Services Committee. Soon after, Federal Deposit Insurance Corp. Chairwoman Sheila Barr criticized parts of the plan, saying an inter-agency council of regulators would not have enough authority to be effective, it should not be lead by the Treasury secretary and a fund to rescue failed firms should be "prefunded," rather than assessed after a firm fails, as the Treasury proposed.