January 16, 2009

International experts responded Thursday to the regulatory weaknesses exposed by the prolonged financial crisis with a plan to extend both the reach and the depth of financial sector oversight.

Former U.S. Federal Reserve Chairman Paul Volcker presented a hefty report from the steering committee he now heads for the Group of 30. It called for closer scrutiny of "large, systemically important banking institutions," whose distress could have a far-reaching impact on the health of the financial system.