President Obama will publicly propose today “giving bank regulators the power to limit the size of the nation’s largest banks and the scope of their risk-taking activities,” an idea “championed by Paul A. Volcker, former chairman of the Federal Reserve and an adviser to the Obama administration. The proposal would prohibit commercial banks from proprietary trading for their own accounts.
More bullshit.
Earlier this year, Obama tried to give the private central bank, the Federal Reserve, these powers.
http://uk.reuters.com/article/idUKTRE5476T220090508
Admin wants Fed to oversee "systemic risk": sources
WASHINGTON (Reuters) - The Obama administration is expected to propose legislation by June calling for the U.S. Federal Reserve to play a central role in regulating systemic risk in the economy, trade association sources said on Friday.
http://www.washingtontimes.com/news/2009/jun/16/plan-gives-fed-swee...
Federal Reserve to gain power under plan
The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration's regulatory overhaul plan.
This is just more banker puppetry to funnel more power and control into fewer and fewer hands. Just as there is a revolving door relationship with bankers, politicians and regulators...any new regulation agency will be mere lip service, a fake security blanket to pacify the American public while keeping actions I have detailed in previous posts from coming to mainstream attention.
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