NEW YORK -- The chairman of the Federal Reserve is concerned that congressional efforts at financial reform could weaken the central bank's ability to handle future crises and may politicize monetary policy.
Fed Chairman Ben S. Bernanke made the comments in an Op-Ed piece to appear in Sunday's Washington Post, five days before the Senate Banking committee holds a hearing on his nomination for a second term. His current four-year term expires Jan. 31.
Bernanke wrote the nation is challenged to design a financial oversight system that will "embody the lessons of the past two years and provide a robust framework for preventing future crises and the economic damage they cause."
But two proposals being considered "are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," he said.
Slaying suspect may be in Mich.
JUPITER, Fla. -- Authorities in Florida alerted Michigan authorities to be on the lookout Saturday for a man accused of shooting four relatives to death after a Thanksgiving dinner in South Florida.
The suspect, Paul Michael Merhige, 35, sought a physician in the Detroit area in the past year, Jupiter Police Sgt. Scott Pascarella said, but he was unsure why he needed the doctor.
Merhige is believed to be driving a royal blue 2007 Toyota Camry with a rear spoiler and Florida license plate. He is accused of killing including his pregnant sister and her twin sister, as well as his 6-year-old cousin and 79-year-old aunt.
There had been "ongoing resentment" in the family, but investigators weren't sure what specifically prompted Thursday's shooting.
Knox's parents subject of probe
PERUGIA, Italy -- The parents of American student Amanda Knox are being investigated for alleged defamation for saying Italian police abused their daughter before arresting her in the 2007 slaying of her British roommate.
Curt Knox told AP Television News on Saturday that he and his ex-wife, Edda Mellas, received notice of the investigation Friday as they arrived in Italy for the final week of hearings in their daughter's case.
He said he found the timing odd, given that a verdict in the case is expected at the end of the week.
Italian news agency ANSA said Knox's parents were being investigated for alleged defamation stemming from an interview they gave Britain's Sunday Times in June 2008 in which the father alleged police had physically and verbally abused his daughter during questioning before she was arrested.
Police have denied harming Knox.
-- From wire reports
