AP Sources: White House likes making Fed supercop

WASHINGTON — The White House is telling industry officials it is leaning toward wanting the Federal Reserve to become the supercop for “too big to fail” companies capable of causing another financial meltdown.

Officials who attended a private one-hour meeting Friday said the administration made it clear it was not inclined to divide the job among various regulatory agencies, as suggested by industry and some federal regulators.

The officials said Treasury Secretary Timothy Geithner told the group that one organization needs to be held responsible for monitoring systemwide risk. He said such a regulator should be given better visibility into all institutions that pose a risk to the financial system, regardless of what business they are in.