Talk about chutzpah! Standing in the debris of US bank deregulation, Timmy Geithner calls for a new global regulatory framework for banks with the US Fed at the center.

NY Fed chief urges global bank framework

Banks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with “appropriate requirements for capital and liquidity”, according to Timothy Geithner, president of the Federal Reserve Bank of New York.

Not surprisingly, Geithner also floated the idea that the Fed may make some of the "new liquidity facilities put in place during the credit crisis" permanent.