by Mathew Katz

Treasury Secretary Timothy Geithner defended the Obama administration's overhaul of financial regulations on Capitol Hill this morning. Speaking before the Senate Banking Committee, Geithner faced intense questioning on one key element of the plan — giving the Federal Reserve greater regulatory powers over large financial institutions.

Both Committee Chairman Christopher Dodd and the committee's top Republican, Sen. Richard Selby, both told Geithner they didn't like the idea of giving the Fed more regulatory control, largely because of its failure to see the financial crisis coming.

Dodd quoted one critic's view that giving the Fed more power was like giving a kid a "bigger, faster car right after he crashed the family station wagon."