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Thursday, May 21, 2009

The FED to catch the "Too Big To Fall"

I am posting this again because I think it is that important.

If this President permits this change there will be unimaginable consequences for us all. If he does, we might as well call America Pottersville.

U.S. Considers Stripping SEC of Powers in Regulatory Overhaul 

By Robert Schmidt and Jesse Westbrook

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. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said.

continue reading this article here.

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