Treasury Official: Volatility 'Far From Over'

Treasury Under Secretary Robert Steel has cautioned a congressional panel that volatility in the credit and mortgage markets is "far from over," but said he expects economic growth to continue despite weakness in the housing sector.The under secretary also told the House Financial Services Committee that the president's Working Group on Financial Markets will be examining recent market events, including the impact of securitization and the role of the rating agencies in the credit and mortgage markets. "The Treasury Department will be releasing early next year a blueprint of structural reforms to make financial services industry regulation more effective, taking into account consumer and investor protections and the need to maintain U.S. capital market competitiveness," Mr. Steel said.