Senators propose consumer-protection regulator within Fed
By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Wednesday, March 3, 2010
It's an unlikely twist after all the beatings that Democrats and Republicans have laid on the Federal Reserve over the past year.
Some lawmakers who set out to improve financial regulation by stripping the Fed of its powers are moving toward the grudging conclusion that the Fed should hold even more power.
The central bank was responsible for the health of the nation's largest banks and the safety of American borrowers. Its failures in both roles have been well documented.
Even so, key lawmakers on the Senate banking committee are seeking bipartisan support for a plan to house a new consumer-protection regulator inside the Fed. Separate efforts to strip the Fed of its responsibility for overseeing large banks have lost momentum.
(More here.)
Washington Post Staff Writers
Wednesday, March 3, 2010
It's an unlikely twist after all the beatings that Democrats and Republicans have laid on the Federal Reserve over the past year.
Some lawmakers who set out to improve financial regulation by stripping the Fed of its powers are moving toward the grudging conclusion that the Fed should hold even more power.
The central bank was responsible for the health of the nation's largest banks and the safety of American borrowers. Its failures in both roles have been well documented.
Even so, key lawmakers on the Senate banking committee are seeking bipartisan support for a plan to house a new consumer-protection regulator inside the Fed. Separate efforts to strip the Fed of its responsibility for overseeing large banks have lost momentum.
(More here.)
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