World Bank calls for US Treasury to have more regulatory clout

The US Department of the Treasury, and not the Federal Reserve, should be handed greater regulatory authority, says World Bank president Robert Zoellick.

Speaking in Washington, DC ahead of next week's annual meetings of the World Bank and the International Monetary Fund in Istanbul, Zoellick questioned whether the Fed should be allowed to supervise systemic banking risks as well as operate monetary policy.

"In the US, it will be difficult to vest the independent and powerful technocrats at the

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