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US Federal Reserve criticised.

Global Banking News-29 April 2008-US Federal Reserve criticised(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 29 April 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

In an unusual hearing that the Federal Reserve held on Monday in Los Angeles to discuss Bank of America Corp's (NYSE: BAC) proposed takeover of Countrywide Financial Corp (NYSE: CFC), the Fed was subjected to much criticism.

The U.S. Rep. Maxine Waters (D-Los Angeles) and others criticised the Fed for the current market crisis. They said that the Fed had to atone for failing to rein in loose credit policies that according to them encouraged the financial crisis in the country. Critics said that the acquisition by Bank of America would give it a 25 percent share of the mortgage market. Several critics said that the Fed should not approve the takeover until Bank of America provided more details of a foreclosure-relief plan.

Waters said, 'the Federal Reserve bears a heavy responsibility to prove its commitment and competence in the review of the Bank of America-Countrywide transaction.'

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Publication:Global Banking News (GBN)
Date:Apr 29, 2008
Words:202
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