“The Fed would receive enhanced power to regulate, lend to and close down companies outside its traditional banking domain, if their failure could endanger the economy or financial system. But the Fed would have to get the Treasury’s agreement to any rescue that puts taxpayer dollars at risk, and it would lose its power to write regulations protecting consumers against abuses. Those powers would be taken over by the new consumer agency.” (Washington Times, Thursday)
One unaccountable bureaucracy replacing another. The “era of responsibility” indeed.
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“Regulation Red Herring” by Sheldon Richman