http://washingtontimes.com/news/2009/jun/16/plan-gives-fed-sweeping-power-over-companies/
Quote:
The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the administration's regulatory overhaul plan.
The final plan due to be released on Wednesday -- which originally aimed to streamline and consolidate banking and securities regulation in one or two agencies -- now is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources.
The most likely candidate for elimination is the Office of Thrift Supervision, whose failure to detect and forestall problems at Countrywide, IndyMac, Washington Mutual and other freewheeling mortgage lenders is thought to have contributed to the financial crisis.
So now we are to have a pseudo private company, that we cannot audit, controlling and overseeing all other companies???
The FED is a major part of this current mess and others!
Quote:
The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the administration's regulatory overhaul plan.
The final plan due to be released on Wednesday -- which originally aimed to streamline and consolidate banking and securities regulation in one or two agencies -- now is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources.
The most likely candidate for elimination is the Office of Thrift Supervision, whose failure to detect and forestall problems at Countrywide, IndyMac, Washington Mutual and other freewheeling mortgage lenders is thought to have contributed to the financial crisis.
So now we are to have a pseudo private company, that we cannot audit, controlling and overseeing all other companies???
The FED is a major part of this current mess and others!
