Hammering Hank Paulson
Say it ain’t so Hank! According to the news reports, Paulson will propose sweeping new regulatory powers for the Federal Reserve on Monday. Here’s CNN’s story. Here’s a link to the executive summary from the Federal Reserve.
I haven’t had a chance to read the whole thing yet, but according to CNN, the proposal would:
• Give the Federal Reserve authority to look at the financial status of any institution that could affect market stability;
• Merge the Securities and Exchange Commission with the Commodity Futures Trading Commission;
• Give stock exchanges more room for self-regulation;
• Consolidate bank supervision into one regulator.
One of the most dramatic changes would extend the powers of the Federal Reserve – designed to regulate the commercial banking industry — to oversight of virtually the entire financial industry.
This is NOT a good idea…
gk
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