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Fed moves stabilize economy draw praise amid scrutiny
Washington reports that the Federal Reserve acted swiftly to quell a developing financial panic. It backed Bear Stearns rescue with a $30 billion loan, provided emergency funding to dealers, and cut rates to 2.25 percent, drawing praise from the Bush White House and lawmakers while prompting calls for regulatory reform and closer congressional oversight.
MENTIONED IN THIS ARTICLE
Fed
Washington, D.C
Federal Reserve
White House
Congress
U.S
Ben Bernanke
Alan Greenspan
Bush
Barack Obama
Hillary Rodham Clinton
John McCain
Bear Stearns Cos
J.P. Morgan Chase & Co
Treasury Department
Barney Frank
House
Financial Services Committee
Frank
D-Mass
Dana Perino