Federal Reserve chair, Treasury Secretary want to restructure financial markets - WDRB 41 Louisville News

Federal Reserve chair, Treasury Secretary want to restructure financial markets

The Fed is looking for more power in regulating the financial business, retail sales are up, and fewer people signed up for jobless benefits last week.

It was enough good news on Wall Street to keep stocks on the plus side most of the day.


Is America's financial system in for an overhaul?  Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson want to restructure the financial markets.

Testifying in Washington Thursday, they proposed greater supervision over investment firms, including stronger risk management practices.

Bernanke said, "Reforms in the oversight of these firms must recognize the distinctive features of investment banking and take care not to induce the migration of risk-taking activities to less- regulated or off-shore institutions.''  The treasury secretary said the government can't be expected to save every troubled mortgage company.

Meantime shares of Fannie Mae and Freddie Mac plunged in trading.


The government's economic stimulus checks appearing to be working, to a degree.  Retailers had improving sales in June, they're saying it was largely because consumers were using their rebate checks to buy necessities and discounted items.

Discounters and wholesale club operators including Walmart and Costco reported better than expected numbers.

Some rebate money was put to work in clothing stores, but sales remained sluggish in mall-based apparel stores, including Limited Brands and Gap.


It's the next generation of iPhone, and it goes on sale Friday.

While there are no lines at the AT&T store in the Summit in Louisville, AT&T's Greg Shellhaas says people are waiting in line in many stores around the country for Friday's 8 a.m. sales start.

The iPhone 3G takes mobility another step.  Shellhaas explains, "It's gonna be able to access our 3G network, so for surfing the internet and what have you, you're gonna have the fast speeds everywhere you go instead of just wifi hotspots....And the other thing business users are now going to be able to access their e-mail, and so that's gonna bring a lot of people into the mix as well that could have gotten the iPhone last year but they couldnt get their business, corporate e-mail."

If you want an early guided tour of the new iPhone, the Apple website has a video guide to show you everything the phone does.

Sales price is $199 for the 8 gig iPhone, $299 for the 16 gig.

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