Bernake won’t give up power quietly
November 29, 2009 | federal legislation, industry, regulation | Comments (0)The Federal Reserve Chairman is fighting the CFPA in the media. From the Bloomberg story:
{Senator Chris} Dodd and Representative Barney Frank, chairman of the House Financial Services Committee, want to take away the Fed’s rule- writing power on consumer financial products and give it to a new Consumer Financial Protection Agency.
“The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis,” Bernanke said. The Fed has reviewed its performance and “moved aggressively to fix the problems,” he added.
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