Posted on 01/25/2009 6:26:08 PM PST by markomalley
Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis.
But the initiative, which could be finalized in the House by spring, is raising concerns about whether it would muddy the Fed's traditional mission and concentrate too much power in a single federal body.
The legislation envisioned by House Financial Services Committee Chairman Barney Frank (D-Mass.) would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system, Frank and other congressional sources said.
An abundance of federal agencies regulate the financial industry. But no agency is responsible for understanding or containing risks affecting the financial system as a whole. In fact, none even has a complete picture of the financial markets.
(Excerpt) Read more at washingtonpost.com ...
Having said that, giving the Fed more control over the financial markets than they already have through the money supply is not a good thing (conspiracy theory or not).
And I looked, and there is nothing up on Thomas yet.
the times they are a changin’.
whatta laugh!
maestro greenspan blew up the housing bubble with cheap money,
and now the reward for the fed is more “oversight”?
Not surprising...it is about control after all....
When Presdient Hussein spoke of transparency he meant for everyone else.
just one more group to be bribed
Perfect. One of the main architects of this meltdown. He said recently as of mid 08 that Fannie and Feddie were in fine shape and refused regulation that the Bush administration proposed (not that I'm a fan of Bush or regulation).
For transparency, try turning it all over to Free Republic. We’ll divvy it up and do it for free. You’ll get our 100 page report at the end.
It’s not oversight that counts, but what they do with the oversight. The present financial crises, to a large extent, is a result of Democrats neglecting their oversight duties while playing partisan politics. Giving this group of fascist-minded clowns, more oversight won’t accomplish squat except to give them more power to play partisan politics.
Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis.The Fed has an independence that has been seen by the left as a threat to Congress, so this could be setting the Fed up for a fall, to usher in alterations to its charter and Congressional takeover; or, this is an attempt to set up an alibi for the Congress by delegating all responsibility to the Fed; or, both.
Giving more power to the Fed is like leaving your door unlocked for a thief. They (the Fed) created this mess and now we’re giving them more power. Amerika.
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