OpEdNews Op Eds

Market Overhaul

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Group(s): , Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 3/19/09

Market Overhaul
The chairman of the House Financial Services Committee, Rep. Barney Frank [ D-MA], said Tuesday he hoped to begin writing legislation by early May on overhauling how the federal government regulates the nation’s financial system. A goal of regulatory reform is to create a systemic risk regulator responsible for monitoring financial markets and institutions in order to head off the kind of high-stakes practices that contributed to the economy’s current miseries.

White House spokesman Robert Gibbs said President Barack Obama wants both financial regulation reform and a new “resolution authority” to deal with giants such as American International Group Inc. that get into complex financial trouble. He said the authority would be used to “break apart, unwind and finally resolve the issues that we face with systemic risk.”

The Fed is frequently mentioned as best able to handle that general oversight role, but lawmakers from both parties questioned whether the Fed which controls monetary policy and can direct federal funds to distressed markets, should get a larger oversight role.

Damon Silver, associate general counsel for the AFL-CIO, said the union believed systemic oversight should be done by a coordinating body of regulators chaired by the chairman of the Fed. But he said authority for consumer protection in financial ser5vices should rest in an agency that is separate from bank regulators.

Source: Campaign for America’s Future, 3/18/2009

 

An OEN Editor. Born-03/20/1934, BA Pol. Sci.-U of Washington-1956, MBA-Seattle U-1970, Boeing-Program Control-1957-1971, State of Oregon-Mental Health Division-Deputy Admistrator-1971-1979, llinois Association of Community MH (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Doctors plan to use balance billing

Native Americans: They Were Seen as Savages

Hopi Indian Nation

The Bush Legacy Propaganda

NAMI - The Nations Voice on Mental Illness

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments