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U.S. May Strip SEC of Powers in Regulatory Overhaul [and give them to the Federal Reserve]

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posted on May, 20 2009 @ 08:33 AM
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U.S. May Strip SEC of Powers in Regulatory Overhaul [and give them to the Federal Reserve]


www.bloomberg.com

May 20 (Bloomberg) -- The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said.

The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said.
(visit the link for the full news article)




posted on May, 20 2009 @ 08:33 AM
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So... to all you people who actually think there's a chance that we'll EVER do away with the Federal Reserve, think again. It's naive to think that there is even a possibility of this happening. Sorry Ron Paul, yes, I'm saying that you're naive .. correct, but naive. Obama's going along with the game plan ... I always thought that the whole Madoff thing was orchestrated by others for some reason ... now I know.

www.bloomberg.com
(visit the link for the full news article)



posted on May, 20 2009 @ 08:39 AM
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We are now living in the Twilight Zone. Its unbelievable. The Securities and Exchange Commission has been asleep on the job, looking the other way, allowing corruption to fester and now its come to a head. The solution? Of course they have a solution. Its Big Brother, 1984 and Twilight Zone all rolled into one neatly packaged, controlled manipulation of our money, our thoughts, our liberties, our very lives. Ahem.



posted on May, 20 2009 @ 08:57 AM
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Denninger's take on the matter:

Source


I was willing to give President Obama the benefit of the doubt. Not any more: May 19 (Bloomberg) -- The Obama administration may call for stripping the Securities and Exchange Commission of some of its duties under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said. The proposal, still being drafted, is likely to give the Federal Reserve more power to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said. That is unconscionable.



The Fed had primary responsibility for preventing banks from lending unsecured beyond their excess capital. Instead they willfully and intentionally covered up bank insolvency through the use of "23A" letters and other machinations. This is not conjecture - the historical record is present for anyone who cares to look. The 23A letters are a matter of fact, not supposition and the fact that several firms given them "in the interest of stability" later failed and resulted in significant losses to the system as a whole, including the FDIC, is also a fact. That "Prompt Corrective Action" absolutely barred this sort of action is a fact. That The Federal Reserve Act has been intentionally ignored is a fact. Now President Obama wishes to give the fox, who just got done eating half the chickens, formal status as guard over the henhouse?


Twilight zone indeed....


[edit on 20-5-2009 by RolandBrichter]



posted on May, 20 2009 @ 11:33 AM
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Seems like SEC was broken anyway...is it really a suprise that the prez is taking them out of the loop? We can't have people poking around and looking at numbers and stuff.



posted on May, 20 2009 @ 11:57 AM
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The Senate and House sub-committees were supposed to be vigilent
and call to task any operating deficiencies, this is one reason they get paid for the job...

oversight of the SEC belongs to some ongoing committee that the Congress people lobby for to get a prestigious seat on.


Let's hear it for the only option left to the public ...

A Recall Vote



for the Senators and Congress persons on the fiance and economc, commerce committees.... who either fell asleep in their overstuffed, leather chairs or worse yet ... willfully allowed the SEC to run amok.



posted on May, 20 2009 @ 01:05 PM
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Originally posted by Iamonlyhuman


So... to all you people who actually think there's a chance that we'll EVER do away with the Federal Reserve, think again. It's naive to think that there is even a possibility of this happening.


The SEC's integrity is in question, and there is growing scrutiny from the public over the Federal Reserve, especially with Ron Paul's Audit the Fed Bill getting so many cosponsors. This is the Administration just pushing back. They know a storm is brewing.

It's not naive to think the Fed could be done away with. It would be naive to think it wouldn't take a long drawn out fight. Remember what our founding fathers did.



posted on May, 20 2009 @ 11:25 PM
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Why do they give all this money to the banks and then essentially disband the SEC? It seems to me they took the side of the banks and said to hell with the people. They now appear as nuts as Hannibal Lecter.

lol:

[edit on 20-5-2009 by bubbabuddha]



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