Holy moly - the Treasury Department proposes NEW POWERS for FED! SWAT and more!
SWAT TEAMS and more!
This is not good... these new powers for the FED.
http://www.drudgereport.com/
TREASURY DEPT. PROPOSES NEW POWERS FOR FED
http://www.nytimes.com/2008/03/29/bu...gewanted=print
March 29, 2008
Treasury’s Plan Would Give Fed Wide New Power
By EDMUND L. ANDREWS
WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis. Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.
According to a summary provided by the administration, the plan would consolidate what is now an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.
While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.
MORE on the ABOVE LINK.
Catherine
__________________
http://www.ronpaul2008.com/
Amendment II
A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed.
An armed society is a polite society. Manners are good when one may have to back up his acts with his life.
Robert A. Heinlein
SWAT TEAMS and more!
This is not good... these new powers for the FED.
http://www.drudgereport.com/
TREASURY DEPT. PROPOSES NEW POWERS FOR FED
http://www.nytimes.com/2008/03/29/bu...gewanted=print
March 29, 2008
Treasury’s Plan Would Give Fed Wide New Power
By EDMUND L. ANDREWS
WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis. Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.
According to a summary provided by the administration, the plan would consolidate what is now an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.
While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.
MORE on the ABOVE LINK.
Catherine
__________________
http://www.ronpaul2008.com/
Amendment II
A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed.
An armed society is a polite society. Manners are good when one may have to back up his acts with his life.
Robert A. Heinlein
