Amid new signs of financial turmoil, the Bush administration Thursday raised the prospect of tighter regulation of U.S. financial markets. But it once again stopped short of the step its critics are demanding -- sweeping government intervention in the worsening economic crisis.
For weeks, it has been clear that the administration would have to offer new initiatives to offset fears that America's credit system could lock up. Around the world, financial markets have gyrated. The domestic economy has shown new signs of recession. And congressional leaders have pushed ahead with plans for decisive government action.
But the package of proposals unveiled with much fanfare by the Treasury Department on Thursday was in large measure a call for greater self-policing by the financial industry.
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