On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1450 AM Holland, MI

Weather

Current Conditions(Holland,MI 49422)

More Weather »
60° Feels Like: 60°
Wind: NW 13 mph Past 24 hrs - Precip: 0.03”
Current Radar for Zip

Tonight

Partly Cloudy 43°

Tomorrow

Sunny 62°

Mon Night

Clear 51°

Alerts

World Bank's Zoellick says wary of more Fed power






World Bank Group President Robert B. Zoellick attends a news conference in Beijing September 2, 2009. REUTERS/Nir Elias
World Bank Group President Robert B. Zoellick attends a news conference in Beijing September 2, 2009. REUTERS/Nir Elias
</head> <body> <p>By Alister Bull</p> <p>WASHINGTON (Reuters) - The head of the World Bank on Monday sounded a cautionary note about granting greater regulatory power to the U.S. Federal Reserve and said the dollar's future will "depend heavily on U.S. choices."</p> <p>"It should not be a surprise that American democracy is hesitating about authorizing the Fed to supervise systemic banking as well as operating monetary policy, adding to its power," World Bank President Robert Zoellick said.</p> <p>In a speech prepared for delivery at Johns Hopkins University's School of Advanced International Studies, Zoellick said the U.S. Congress had a long tradition of viewing banks with suspicion that made it a challenge to beef up the U.S. central bank's power after last year's financial panic.</p> <p>Aiming to prevent a repeat of the crisis that pushed the world financial system to the brink of collapse, President Barack Obama has proposed sweeping changes to U.S. regulation that would make the Fed the lead systemic risk regulator.</p> <p>"It will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority. My reading of recent crisis management is that the Treasury Department needed greater authority to pull together a bevy of different regulators," Zoellick said.</p> <p>Zoellick, speaking ahead of the annual World Bank and International Monetary Fund meetings that open in Istanbul on Sunday, commended central banks for forceful action once the crisis hit.</p> <p>But he said they face "reasonable questions" for failing to prevent asset bubbles -- notably in the U.S. housing market -- and for serious lapses in financial supervision.</p> <p>"We have yet to see whether central banks can handle the recovery without letting inflation get out of control," he said.</p> <p>This will be crucial in determining whether the U.S. dollar could retain its lead role as a global reserve currency, he added.</p> <p>"Of course, the U.S. dollar is and will remain a major currency. But the greenback's fortunes will depend heavily on U.S. choices. Will the United States resolve its debt problems without a resort to inflation?," Zoellick asked.</p> <p>He also cautioned U.S. authorities not to take dollar dominance for granted, and noted that the euro common currency, as well as the yuan of an increasingly powerful China, gave investors more choices to diversify their holdings.</p> <p>"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency. Looking forward, there will increasingly be other options to the dollar," he said.</p> <p>(Editing by Chizu Nomiyama)</p> </body> </html> </div><!-- end article-body --> </div><!-- end aticle-body-wrapper --> <aside> <ul class="social-share-btns clearfix"> <li><g:plusone size="medium" href="http://whtc.com/news/articles/2009/sep/27/world-bank-says-dont-take-dollars-place-for-grante/"></g:plusone></li> <li><div id="fb-root"></div><script src="http://connect.facebook.net/en_US/all.js#appId=112315878855956&xfbml=1"></script><fb:like href="http://whtc.com/news/articles/2009/sep/27/world-bank-says-dont-take-dollars-place-for-grante/" action="recommend" send="true" layout="button_count" width="150" show_faces="false" font=""></fb:like></li> <li><a href="http://twitter.com/share" class="twitter-share-button" data-url="http://whtc.com/news/articles/2009/sep/27/world-bank-says-dont-take-dollars-place-for-grante/" data-text="World Bank's Zoellick says wary of more Fed power" data-count="horizontal">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script></li> </ul><!-- end social-share-btns --> </aside> </div><!-- end article-container --> <section class="clearfix text-ad-container"><div class="text-ad"></div><div class="text-ad"></div><div class="text-ad"></div></section> <div id='taboola-below-main-column'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-2r', container:'taboola-below-main-column', placement:'below-main-column'}); </script> <div id='taboola-text-2-columns'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'text-links-5r', container:'taboola-text-2-columns', placement:'text-2-columns'}); </script> <script> window._taboola = window._taboola || []; _taboola.push({flush:true}); </script> <section class="comment-container"> <h1 class="h2 visuallyhidden">Comments</h1> <a href="/news/articles/2009/sep/27/world-bank-says-dont-take-dollars-place-for-grante/#disqus_thread"></a> <div id="disqus_thread" class="section-widget"></div> <script type="text/javascript"> var disqus_shortname = 'whtc'; var disqus_title = 'World Bank's Zoellick says wary of more Fed power'; var disqus_url = 'http://whtc.com/news/articles/2009/sep/27/world-bank-says-dont-take-dollars-place-for-grante/'; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); </script> </section><!-- end comment-container --> </article> </div><!-- end of col-1 --> <div id="col-2"> <form class="section-search-form clearfix" method="get" action="/search/"> <fieldset class="clearfix"> <input class="section-search" type="text" rel="Search News" name="q" placeholder="Search News" /> <input class="section-search-submit" type="image" alt="Search" src="http://static.mwcradio.com/images/icons/section-search.gif" /> </fieldset> </form> <div class="ad-300x250"></div> <aside class="aside-module top-stories"> <h1>Top Stories</h1> <ul class="unstyled-list single-col-list"> <li><a href="/news/articles/2014/sep/21/single-vehicle-accident-lands-man-in-jail/" title="Full Article: Single Vehicle Accident Lands Man in Jail">Single Vehicle Accident Lands Man in Jail</a></li> <li><a href="/news/articles/2014/sep/21/governor-snyder-to-visit-lakeshore-on-monday/" title="Full Article: Governor Snyder to Visit Lakeshore on Monday">Governor Snyder to Visit Lakeshore on Monday</a></li> <li><a href="/news/articles/2014/sep/21/tigers-top-kc-cubs-win-white-sox-fall/" title="Full Article: Tigers Top KC, Cubs Win, White Sox Fall">Tigers Top KC, Cubs Win, White Sox Fall</a></li> <li><a href="/news/articles/2014/sep/20/motorcyclist-hurt-in-pileup-on-hollands-north-side/" title="Full Article: Motorcyclist Hurt in Pileup on Holland's North Side">Motorcyclist Hurt in Pileup on Holland's North S...</a></li> <li><a href="/news/articles/2014/sep/20/busy-weekend-continues-in-hollandzeeland-area/" title="Full Article: Busy Weekend Continues in Holland/Zeeland Area">Busy Weekend Continues in Holland/Zeeland Area</a></li> </ul> </aside> <div class="text-ad"></div> <nav class="aside-module"> <h1>News Sections</h1> <ul class="unstyled-list two-col-list clearfix"> <li><a href="/news/sections/local/" title="Local News Section">Local</a></li> <li><a href="/news/sections/state/" title="State News Section">State</a></li> <li><a href="/news/sections/national/" title="National News Section">National</a></li> <li><a href="/news/sections/world/" title="World News Section">World</a></li> <li><a href="/news/sections/localsports/" title="Local Sports News Section">Local Sports</a></li> <li><a href="/news/sections/sports/" title="National Sports News Section">National Sports</a></li> <li><a href="/news/sections/politics/" title="Politics News Section">Politics</a></li> <li><a href="/news/sections/business/" title="Business News Section">Business</a></li> <li><a href="/news/sections/health/" title="Health News Section">Health</a></li> <li><a href="/news/sections/science/" title="Science News Section">Science</a></li> <li><a href="/news/sections/technology/" title="Technology News Section">Technology</a></li> <li><a href="/news/sections/entertainment/" title="Entertainment News Section">Entertainment</a></li> </ul> </nav> <div class="text-ad"></div> <div class="ad-300x250"></div> <aside id="recentcomments" class="aside-module dsq-widget sidebar-comments"> <h1 class="dsq-widget-title">Recent Comments</h1> <script type="text/javascript" src="http://whtc.disqus.com/recent_comments_widget.js?num_items=3&hide_avatars=0&avatar_size=32&excerpt_length=200"></script> </aside> <div class="text-ad"></div> </div><!-- end col-2 --> </div><!-- end page-content-wrapper-inner --> </div><!-- end page-content-wrapper-outer --> <div id="site-footer-wrapper"> <footer id="site-footer" class="clearfix"> <ul class="footer-list footer-bucket"> <li><a href="http://static.mwcradio.com/pdf/footer-files/privacy.pdf" title="Privacy Policy">Privacy Policy (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/termsofuse.pdf" title="Terms of Use">Terms of Use (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/contestrules.pdf" title="Contest Rules">Contest Rules (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/contest-rules-addendumC.pdf" title="Contest Rules - Addendum C">Contest Rules - Addendum C (PDF)</a></li> </ul> <ul class="footer-list footer-bucket"> <li><a href="/advertise/" title="Advertise With Us">Advertisers</a></li> <li><a href="http://www.midwestcareers.com/" title="Midwest Careers">Employment</a></li> <li><a href="/eeo/" title="EEO">EEO</a></li> </ul> <div class="footer-bucket"> <ul class="footer-list footer-social-list"> <li> <a href="http://facebook.com/1450WHTC" title="1450 WHTC on Facebook"> <img src="http://static.mwcradio.com/images/icons/facebook20.png" alt="Facebook" /> Facebook </a> </li> <li> <a href="http://twitter.com/1450whtc" title="1450 WHTC on Twitter"> <img src="http://static.mwcradio.com/images/icons/twitter20.png" alt="Twitter" /> Twitter </a> </li> </ul><!-- end social links --> <ul class="footer-list footer-bucket"> <li> <a href="https://play.google.com/store/apps/details?id=com.midwestcommunications.whtcam&feature=search_result#?t=W251bGwsMSwyLDEsImNvbS5taWR3ZXN0Y29tbXVuaWNhdGlvbnMud2h0Y2FtIl0." title="Download Our Android App"> <img src="http://static.mwcradio.com/images/icons/android20.png" alt="Android" /> Listen on Android </a> </li> <li> <a href="https://itunes.apple.com/app/1450-whtc/id640699423?ign-mpt=uo%3D5" title="Download Our iOS App"> <img src="http://static.mwcradio.com/images/icons/apple20.png" alt="Apple" /> Listen on iPhone/iPad </a> </li> </ul> </div> <ul class="footer-list footer-bucket contact-info"> <li>© 2014 1450 WHTC</li> <li>Call Letters: WHTC</li> <li><span class="frequency-location">1450 AM Holland, MI</span></li> <li>Studio Line 1: 616-395-1450</li> <li><a href="/contact-us/" title="Contact Us">Contact Us</a></li> </ul> </footer> </div><!-- end footer-wrapper --> <script src="https://ajax.googleapis.com/ajax/libs/mootools/1.4.5/mootools-yui-compressed.js"></script> <script src="http://static.mwcradio.com/js/mootools-more-1.4.0.1.js"></script> <script src="http://static.mwcradio.com/apps/nowplaying/js/jug-application.js"></script> <script src="http://content.aimatch.com/swfobject.js"></script> <script src="https://apis.google.com/js/plusone.js"></script> <script src="http://static.mwcradio.com/js/mwc.js?5"></script> <script src="http://static.mwcradio.com/datepicker/Locale.en-US.DatePicker.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.Attach.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.Date.js"></script> <!--[if lt IE 7 ]> <script src="//ajax.googleapis.com/ajax/libs/chrome-frame/1.0.2/CFInstall.min.js"></script> <script>window.attachEvent("onload",function(){CFInstall.check({mode:"overlay"})})</script> <![endif]--> <script src="http://static.mwcradio.com/js/lightface/LightFace.js"></script> <script src="http://static.mwcradio.com/apps/scoop/js/article_details.js" type="text/javascript"></script> </body> </html>