Federal Reserve Loses Expanded Powers Proposed By Obama Administration

[AllentownJake]

The pushback against an omnipotent Federal Reserve keeps growing.

A top Congressional leader said Thursday that the Fed will not have the power to override other federal regulators when it comes to policing firms whose size or activities pose a threat to the entire financial system. This is a sharp break from the proposal first put forward by the Obama administration.

In the Obama proposal, which was released in the House last week in the form of a draft bill, the Federal Reserve would have the authority to ignore the recommendations by a firm's primary regulator (be it a bank or securities regulator) and simply impose its own standards on the firm. The Fed would also have the power to examine the firm, and force the firm to comply with those standards if necessary.



Read more at: http://www.huffingtonpost.com/2009/11/05/federal-reserve-loses-exp_n_347130.html&cp

[truedelphi]

1. Interesting read. Thanks, Allentown Jake. n/t

[SammyWinstonJack]

2. K&R

[inna]

3. sounds like Obama is completely off base on this, as well.

[AllentownJake]

4. Timmeh Geithner's suggestion

I wonder why a former Federal Reserve Bank head would suggest more power for the federal reserve.

[123m456h789d]

5. Timmeh Geithner's suggestion

This was to step in when Banks get to Big to fail and take them apart for tax payer won't have to bail them out. This was a good thing. The Federal Reserve Bank is who printing the money to keep our country from failing. With more power they didnt have to give money but take the banks down slowly. GET KNOWLEDGE before you speak. What are you a first grader.

[AllentownJake]

7. Yes

I'm sure that is exactly what is going to happen. In addition to this the Treasury Department has permanent TARP authority and a permanent TARP line.

I'm not for putting any more jurisdiction under the Federal Reserve. You want to start a new government agency for supervising this, fine but the Federal Reserve is sitting on enough power as it is. Giving them even more regulatory authority doesn't seem to be something Thomas Jefferson would be in favor of.

P.S. I love seperation of powers.

As for your insult...

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. " Oh for a Mr. Jefferson today.

Who are you working for?

[inna]

8. nice trolling there, 'buddy'.

:eyes:

[Catshrink]

11. Spelling, punctuation, and grammar

will give you more credibility.

[optimator]

6. SUUUUUUUUUUURRRRRRREEEE

i'll believe it when i see it.

[lib2DaBone]

9. Hey, A-Town Jake. Well Said. Denial is not a river in Egypt..

You can't argue with Cognitive Dissonance. When They do wake up.. if ever.. the Humvees will be sitting in their neighborhoods with LRAD's pointed at their heads.

Then.. who you gonna call.. ghost-busters?

[Nikki Stone1]

10. Lordy, you're right.

:(

[AllentownJake]

12. We have a standing army

and a private bank issuing currency...Thomas Jefferson would be going apeshit right now.