GOP House bill could give Fed reign over SEC

[Robbien]

Source: Crains

A House Republican plans to unveil legislation in the next few weeks to address what he sees as the waning competitiveness of U.S. markets. The proposal will likely suggest a more principles-based system, and it may well establish the Federal Reserve as the lead regulator for capital markets, supplanting the Securities and Exchange Commission.

Speaking to reporters on a conference call today, Rep. Vito Fossella (R-N.Y.), the bill’s sponsor and chair of the House Republican task force on competitiveness, said the bill may “expand and modify” the Fed’s role and set it up as umbrella regulator for financial services firms, much as it is now for bank holding companies.

Under that plan, other regulators, such as the SEC, banking regulators and possibly even state insurance commissioners, would report their findings to the Fed, Mr. Fossella said.

Read more: http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080319/REG/265759015/1036

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The Federal Reserve/Central Bank is a privately owned company. The GOP wants to turn government oversight of national finances over to a small group of very rich elites. How crazy is that?

[fascisthunter]

1. Fascists.... call them what they are (nt)

[Vincardog]

2. FASCISTS are self serving elitists who do everything in their power to twist every regulation

into a self serving benefit to themselves. Ask our aWoL (p)Resident. He never did a single thing to benefit anyone other than himself, look where it got him. He is running the largest criminal enterprise in history.

[fascisthunter]

3. Oh... I Know

It's what Reagan and his following believe in whole heartedly, an ideology that hides behind friendlier terms.

[flashl]

4. Under funding the SEC made it useless. nt

[RC]

5. How can we be competitive in the market place if we don't have any living wage jobs?

If our manufacturing has been off shored? If we have been priced out of the market?

[Baby Snooks]

6. Kiss the democracy goodbye...

And of course there would be even less congressional oversight with the Federal Reserve but then Republicans love less oversight because less oversight means less chance of getting caught and being prosecuted.

What happened to the corporate reform we were promised after Enron? The Democrats have had a year to finally do something. Apparently the Democrats in Congress don't think we need reform and agree with the Republicans that we need less regulation and even less oversight.

[dixiegrrrrl]

7. Where was SEC Chairman Cox all this time?

He's been on board since 2005.
oh...this explains it...
BBC, June 3, 2005: "The Securities and Exchange Commission (SEC) is expected to adopt a more 'laissez-faire' approach if Christopher Cox is confirmed as its new chairman."
Seemed to be pretty successful at that philosophy..........

[Tempest]

8. It's a pre-emptive strike, Repugs know they are going to lose the WH next year

A Democratic president will appoint an SEC head who will do his job.

If the Fed is in charge, Beneke will still be calling the shots for the banks and lenders.

This needs to be defeated if the Democrats allow it to come to a vote.

[TroubleMan]

9. Worst idea ever.

This would be a nightmare.

[OKthatsIT]

10. We should be DUMPING the Federal Reserve, not hirng them

bloody hell.

[Zorra]

11. Absolute proof that republicans need to be voted out of office at all cost.

As if their responsibility for the current state of our economy and nation were not already absolute proof that that they have no talent or ability to govern whatsoever.

[Orsino]

12. Great. Move the SEC even farther out of the control of elected representatives.

How's privatization working for ya?