I wait for informed commentary, such as Ron Paul might provide, but this does seem like a bad idea to me. After all, the Fed isn't even a part of the government. Why doesn't Congress enact legislation, if they are complaining that the plan doesn't go far enough? Or bring back some of the legislation that was repealed? Could it be because the Democrats are beholden to the same people?
WASHINGTON (AP) -- The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry from banks and securities firms to mortgage brokers and insurance companies.The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.
The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system.
Saturday, March 29, 2008
Bush Seeks Financial Regulation Overhaul
Bush Seeks Financial Regulation Overhaul
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3 comments:
Ron Paul is almost certainly opposed to any regulation.
The whole point of giving power to an independent body is to keep it out of reach of special interests, self-interested politicians. If Congress was in charge of setting interest rates, we'd be in dire straits.
Let's see what Paulson says on Monday--I'll look for a copy of the executive report then. I hope it will be available online.
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