President Barack Obama faces the sternest test of his international leadership this week when he attends the United Nations and chairs a G20 summit, amid growing doubts about his grandiose vision for US foreign policy. When he addresses the 64th UN General Assembly, which opens tomorrow, Mr Obama will tell his global audience that "everybody has a responsibility, the US is leading anew and we are looking to others to join," according to Susan Rice, the US ambassador to the world body.After the unilateralism of the Bush era, there will be immense relief among the UN's 192 members that America has a president ready to co-operate with the rest of the world.
When he addresses the 64th UN General Assembly, which opens tomorrow, Mr Obama will tell his global audience that "everybody has a responsibility, the US is leading anew and we are looking to others to join," according to Susan Rice, the US ambassador to the world body.
After the unilateralism of the Bush era, there will be immense relief among the UN's 192 members that America has a president ready to co-operate with the rest of the world.
The Obama administration proposed on June 17 a financial- regulatory overhaul including a "comprehensive review" of the Fed's "ability to accomplish its existing and proposed functions" and the role of its regional banks. The Fed was to lead the study and enlist the Treasury and "a wide range of external experts." ... U.S. lawmakers have also called for a review of the Fed's power and structure, saying Fed Chairman Ben S. Bernanke overstepped his authority as he bailed out [international] creditors of Bear Stearns Cos. and American International Group Inc. while battling a crisis that led to $1.62 trillion in writedowns and losses at financial firms. ... While the report requested by the Treasury hasn't been formally scrapped, no work has been done on the project, which was due Oct. 1, the people said. Treasury spokesman Andrew Williams declined to comment, as did Fed spokeswoman Michelle Smith.... "The conflicts of interest inherent in the current system are glaring," [Wrightson ICAP chief economist Lou] Crandall said.
U.S. lawmakers have also called for a review of the Fed's power and structure, saying Fed Chairman Ben S. Bernanke overstepped his authority as he bailed out [international] creditors of Bear Stearns Cos. and American International Group Inc. while battling a crisis that led to $1.62 trillion in writedowns and losses at financial firms. ...
While the report requested by the Treasury hasn't been formally scrapped, no work has been done on the project, which was due Oct. 1, the people said. Treasury spokesman Andrew Williams declined to comment, as did Fed spokeswoman Michelle Smith....
"The conflicts of interest inherent in the current system are glaring," [Wrightson ICAP chief economist Lou] Crandall said.
