- The Washington Times - Monday, March 23, 2009

WASHINGTON (AP) - The Federal Reserve should play a “central role” in preventing future financial crises like the one now gripping the country.

The conclusion is contained in a joint statement released by the Treasury Department and the Fed, agencies leading the United States’ efforts to end the crisis and lift the country out of recession.

It comes as the Obama administration and Congress are considering the best way to overhaul the nation’s financial structure to better protect the country from future crises.

The Fed will work closely with Treasury and other agencies to improve the functioning of credit market and help prevent the failure of huge financial institutions that could cause major damage to the economy, the statement says.

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