Posted on 03/16/2010 3:47:12 AM PDT by Scanian
Two Federal Reserve bosses -- one present and one past -- yesterday emerged the big winners in Senate Banking Committee Chairman Chris Dodd's financial regulatory reform bill, with Ben Bernanke set to gain more power while one of his predecessors, Paul Volcker, gains vindication.
After a weekend of maneuvering, Dodd yesterday unveiled his highly anticipated legislation, which is not only designed to overhaul the financial system but is also aimed at goosing the Senate into taking action after months of gridlock.
As part of Dodd's bill, which was summarized in an 11-page document, the Fed's influence over the financial system would grow, with the central bank gaining even more authority as banks and thrifts with assets of $50 billion or more fall under its supervision. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency would oversee smaller institutions. The Office of Thrift Savings would be eliminated entirely.
(Excerpt) Read more at nypost.com ...
“The Office of Thrift Savings would be eliminated entirely.”
I expect The Office of Thrift Supervision breathed a sigh of relief at their close call.
Paul Volcker is certainly worth listening to. But Chris Dodd has long been in the pocket of the very people he now claims he wants to reign in so I’ll be surprised if this bill does anything that inconveniences them.
Dodd is on the verge of being dead meat for his shenanigans and he is trying to appear the opposite of what he is in order to get reelected.
The NY Post article says Dodd isn’t running for reelection this fall. But I’ll be surprised if he doesn’t set himself up as lobbiest representing the hedge fund industry. He’s not out to help the average American.
I know that is what he said but liberals are known to change their minds. Most would rather have lobbyists catering to them than be one of the caterers.
He would run if he thought he could win.
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