To be accurate, the act allowed the Federal Reserve to buy the bonds of other countries in its open market operations. This allowed the Fed to rescue the inept, otherwise insolvent money center banks from foolish loans to LDCs. Actually, they weren't so foolish, since they were operating on the very unlevel playing field of "heads we win, tails the taxpayer loses."
Regarding the articles primary point: as long as accounting firms are paid fees by the audited companies for their services, there will be a problem regardless of who provides the oversight.
And please notice how this is being done under a alleged Republican administration. Bush-1 called it the "New World Order". Bubba-1 and his socialist European pals called it "The Third Way". Bubba-2 will do his part to insure the formation of the new "North American Union" of Canada,Mexico,and the US. This moves the plan forward.
BTW,regardless of what "new and improved" label you put on it,the root name is "Fascism".
No. Why bother,since the goal is to eliminate currency alltogether,and move to a "electronic credits" system. The war against a police state is over and they have won the minute we become a "cashless society". This will be "sold" to the world public as a method of stopping terrorists,drug smugglers,and other criminals including tax cheats,BUT the real purpose is to obtain TOTAL power in the hands of gooberment officials. ALL the gooberment has to do to totally shut you down in a cashless society is to delete your number. No number=no purchasing power. You don't exist.