Mar
30
Proposal Could Give Fed Sweeping New Powers
Filed Under US Government, News
Bringing some much-needed debate about the amount of regulation needed in the global financial markets, it seems that that current administration has “…produced a plan calling for the greatest changes in financial regulation since many of the current oversight institutions were created in the 1930s.”
“The Federal Reserve would be a big winner, gaining new powers to serve as the protector of stability for the entire financial system. The plan would abolish some institutions such as the Office of Thrift Supervision and the Commodity Futures Trading Commission; their responsibilities would shift to other agencies. ”
“The powers of the Securities and Exchange Commission would go into a super agency responsible for business conduct and consumer protection.”
While there is more debate occurring, it doesn’t look to be increasing on the side of freedom; rather it appears that the regulations will likely go through, and increase the size of the Federal government. What’s worse is that since the Fed created these bubbles in the first place, increasing their power will only exacerbate the situation.
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