WORLD> America
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WORLD> America
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Obama says would not accept Geithner resignation
(Agencies)
Updated: 2009-03-22 12:41 The Treasury Department will also hire outside investment managers to run public-private partnerships that could invest for potential profit in troubled mortgages, with government capital matching private capital contributions.
It would call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies; a new role for the Federal Reserve to oversee large companies, including major hedge funds; and increased capital reserve requirements for financial institutions to absorb any losses. Trying to refocus attention from the AIG bonus scandal, Obama vowed on Saturday to stick to the big-ticket items in his record $3.5 trillion budget proposal for 2010 but acknowledged that dollar amounts would "undoubtedly change" as Congress prepared to take up his record spending plan. "It's an economic blueprint for our future, a vision of America where growth is not based on real estate bubbles or over-leveraged banks, but on a firm foundation of investments in energy, education and health care that will lead to a real and lasting prosperity," he said in his weekly radio address. The budget committees of the Senate and House of Representatives were set to begin crafting their budget legislation next week.
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