U.S. Treasury Secretary Henry Paulson joined Federal Deposit Insurance Corp. Chairwoman Sheila Bair in seeking a clear procedure for shuttering a failing investment bank in the aftermath of the Bear Stearns Cos. crisis.
The Federal Reserve and Securities and Exchange Commission are also close to an agreement on getting information about securities firms’ capital and leverage in return for access to loans from the Fed. Meantime, Paulson Thursday urged changes in the markets for derivatives and short-term funding markets so they can withstand the failure of a counterparty.
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