Posted on 03/01/2010 3:31:46 AM PST by Scanian
A reform proposal is gaining traction in Washington to crown Federal Reserve Chairman Ben Bernanke as the new banking king, with broad authority over the nation's largest banks, according to people familiar with the matter.
These people tell The Post that the proposal, which is gaining support in the Senate Banking Committee, would give the Fed chief supervisory power over the 25 largest banks, including Citigroup and Bank of America.
In addition, the proposal would tap the Fed to be the lead protector of consumers when it comes to products such as credit cards and mortgages sold by these banks.
(Excerpt) Read more at nypost.com ...
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