NEW YORK-Timothy Geithner, president and CEO of the Federal Reserve Bank of New York, called for substantial reforms to the structure of the regulatory system of the U.S.

"Our current system has evolved into a confusing mix of diffused accountability, regulatory competition, an enormously complex web of rules that create perverse incentives and leave huge opportunities for arbitrage and evasion, and creates the risk of large gaps in our knowledge and authority," Geithner said last Monday at the Economic Club of New York.

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