Obama admin wants Fed and FDIC in key roles: source

Obama admin wants Fed and FDIC in key roles: source

www.reuters.com

WASHINGTON (Reuters) - The Obama administration wants to designate the Federal Reserve as the new systemic risk regulator and give the Federal Deposit Insurance Corp authority to unwind bank holding companies, a source familiar with the administration's proposal said on Wednesday.

The plan, which will be offered to U.S. lawmakers as a blueprint as they embark upon an overhaul of financial regulation, could be announced soon after June 8, the source said, speaking anonymously because the plan has not been widely shared.

The administration wants a consumer protection agency to supervise f

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Oh boy I cannot wait for the Federal Reserve to take over the entire financial structure. They have done such a great job to date. Might as well consolidate national financial issues under the federal reserve. Just what we need another commission (but never a truth commission we have to look forward not backward, and let the Federal Reserve take control of this out of control situation.) (sarcasm off).

I'm not happy about this. The executive branch is not supposed to be the law making body of this country. Regulation is only supposed to occur through the legislative branch. I'm speechless!

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