New Obama initiative seeks fix to finance regs

A new consumer protection agency highlights a financial system overhaul President Barack Obama plans to unveil Wednesday in effort to avert future economic crises like the one still wreaking havoc at home and around the globe.

Obama's sweeping change of business regulation also embraces new powers for the Federal Reserve and new rules that would reach into currently unregulated regions of the financial markets. An 85-page draft details an effort to change a regime that Obama's economic team maintained had become too porous for the innovations and intricacies of the today's financial markets.
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Under Obama's plan, the Fed would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system. But even as it gains new powers, the Fed also would lose some banking authority to a new Consumer Financial Protection Agency.

Obama's proposal would require the Fed, which now can independently use emergency powers to bail out failing banks, to first obtain Treasury approval before extending credit to institutions in "unusual and exigent circumstances."

www.chron.com...


news.yahoo.com...

Wow, more and more President Obama is changing the nation in what could very well be an irreversible change in powers.

Meanwhile giving the Feds new powers to "supervise holding companies, and large financial institutions, some banking powers which once were delegated to the Feds will now be given to a new Consumer Financial Protection Agency", which of course would awnser to President Obama.

So the Feds, who started this whole mess, will be given more powers, and of course President Obama and his administration also now have more powers.



[edited to add links]



[edit on 17-6-2009 by ElectricUniverse]

He is to create no one office for the oversight but many offices bringing more czars to his repertoire of Czars.

This is the biggest grow of government in history.

Still he is going to get away with what Bush didn't during his bail out bill, giving more powers to the fed.

If people have not wake up to the agenda been player here they will never be able to wake up at all.

Incredible.

reply to post by marg6043



I am sad that all of this is happening. president Bush did damage the U.S. with some of the powers he gave to the DHS, and several things he stated which no President should ever say, but President Obama is surpasing everything that President Bush ever did, or say.

I don't think the present administration have any intention to "protect and uphold the Constitution of these United States".

BTW, I also posted aother article about the IRS also getting new powers. Now Americans must pay for a "professional" to fill in their tax returns, and those "professionals" are only the ones given by "Washington bureaucrat granting a license".

Welcome to the brave new world.

How do you like all this new "change"? I sure don't.

BTW, had to change the link again because I mistakenly gave the link about the IRS' new law.

Please live the link I imagine a lot of people will be very interested on reading about the IRS. Or you can open another thread on it.

Here is an older article about this, and also some interviews done in CNBC as they ask Senator Corker, and Goolsbee about this new reform.

abcnews.go.com...

Corker on Obama's Regulation Overhaul CNBC

Goolsbee on Obama's Regulation Reform CNBC

[edit on 17-6-2009 by ElectricUniverse]

reply to post by marg6043



Here is the link. It is an older article, although i could not find it posted in the forums.

IRS Moves to Ban Tax Returns Filed By All But ‘Experts’

BTW, in the first video interview I gave the CNBC reporter "claims the recession is part of the past, that we are clear from the past recession, and this would only deal with any possible future recession"....

For crying out loud does this man think us Americans as fools?..... We still are in a crisis yet CNBC is claiming we are not....