Obama's Finance Regulations Fix?
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President Obama will announce new finance regulations today.
Under Obama’s plan, the Federal Reserve would gain power to
supervise holding companies and large financial institutions considered
so big that their failure could undermine the nation’s financial
system. Some banking authority would also go to a new Consumer Financial Protection Agency.
Working along side the Federal
Reserve, but without power to overrule the central bank, would be a new
council of regulators that would monitor the overall financial system
with an eye to preventing the unexpected collapse of huge institutions
as happened last fall with AIG, the insurance company, and the Lehman
Brothers brokerage.
Obama’s plan does not attempt major
consolidation of regulatory agencies and does not inject itself into an
ongoing debate over whether to bring some insurance companies under
federal oversight.
Thoughts?
[quote=staffwriter2]President Obama will announce new finance regulations today.
Under Obama's plan, the Federal Reserve would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system. Some banking authority would also go to a new Consumer Financial Protection Agency.
Working along side the Federal Reserve, but without power to overrule the central bank, would be a new council of regulators that would monitor the overall financial system with an eye to preventing the unexpected collapse of huge institutions as happened last fall with AIG, the insurance company, and the Lehman Brothers brokerage.
Obama's plan does not attempt major consolidation of regulatory agencies and does not inject itself into an ongoing debate over whether to bring some insurance companies under federal oversight.
Thoughts?
[/quote] That is part of tomorrow's announcement
Anyone else see the glaring oxymoron in the title of this thread? “Obama”, “Financial Regulation” and “Fix” all put together.
Government intervention in free markets is never a good thing.
It was government regulation and oversight that got us into this mess. For example forcing FNM to underwrite risky mortgages and pass them off as safe. That list goes on for pages. The answer is never going to be more government.