financial oversight

European Union countries on Tuesday backed new financial oversight rules for bankers' pay and for how much extra capital banks should set aside to cover high-risk investments.

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke squared off Friday in a public dispute on who should become the nation’s top consumer watchdog.

Facing criticism, the administration scrambled to salvage major elements of its plan to overhaul financial regulation.

Treasury Secretary Timothy Geithner said Friday he welcomes a debate on how to tighten oversight of the financial system to prevent another economic meltdown.

The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis.