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Bush proposing most sweeping economic regulatory changes since......

techs

Lifer
Sep 26, 2000
28,561
3
0
http://news.yahoo.com/s/ap/200..._ca_st_pe/fed_overhaul

The Bush administration is proposing the biggest overhaul of financial regulation since the Great Depression. The sweeping plan is already drawing intense criticism ? a debate unlikely to be settled until a new president takes office.

The 200-page document, which was to be released Monday by Treasury Secretary Henry Paulson, proposes giving broad new powers to the Federal Reserve to combat the type of severe credit crisis currently gripping financial markets.

It would designate the Fed as a "market stability regulator" and give it the power to examine the books of any financial institution, not just banks, that might pose a threat to the stability of the financial system.

According to a 22-page executive summary obtained by The Associated Press, the plan would also eliminate the Office of Thrift Supervision and the Commodity Futures Trading Commission, merging their functions into other agencies.

The Paulson plan, which the administration has been working on for a year, calls for the eventual creation of three regulatory agencies.

In addition to the Fed as a "market stability regulator," the plan would create a "prudential financial regulator" for the nation's banks, thrifts and credit unions, in place of the five agencies that perform that task now.

The third new agency would regulate business conduct and consumer protection, taking over many of the functions of the Securities and Exchange Commission.

The proposed overhaul would be the most extensive since the current regulatory system was created in response to the 1929 stock market crash and the Great Depression.




Thankfully it is not expected to be passed while Bush is in office.
Bush "regulating" the markets is like putting the fox in charge of the hen house.


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This thread is already addressing the subject. Please use it.

Senior Anandtech Moderator
Common Courtesy
 
Oct 25, 2006
11,036
9
91
Originally posted by: techs
http://news.yahoo.com/s/ap/200..._ca_st_pe/fed_overhaul

The Bush administration is proposing the biggest overhaul of financial regulation since the Great Depression. The sweeping plan is already drawing intense criticism ? a debate unlikely to be settled until a new president takes office.

The 200-page document, which was to be released Monday by Treasury Secretary Henry Paulson, proposes giving broad new powers to the Federal Reserve to combat the type of severe credit crisis currently gripping financial markets.

It would designate the Fed as a "market stability regulator" and give it the power to examine the books of any financial institution, not just banks, that might pose a threat to the stability of the financial system.

According to a 22-page executive summary obtained by The Associated Press, the plan would also eliminate the Office of Thrift Supervision and the Commodity Futures Trading Commission, merging their functions into other agencies.

The Paulson plan, which the administration has been working on for a year, calls for the eventual creation of three regulatory agencies.

In addition to the Fed as a "market stability regulator," the plan would create a "prudential financial regulator" for the nation's banks, thrifts and credit unions, in place of the five agencies that perform that task now.

The third new agency would regulate business conduct and consumer protection, taking over many of the functions of the Securities and Exchange Commission.

The proposed overhaul would be the most extensive since the current regulatory system was created in response to the 1929 stock market crash and the Great Depression.




Thankfully it is not expected to be passed while Bush is in office.
Bush "regulating" the markets is like putting the fox in charge of the hen house.
Put some good economists in charge of it, and I'm fine. Our economy is tanking, and we may need another "New Deal" to help us get out of it. We just need a good leader behind it.

 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Bush is a fool, but he doesn't want to leave office a complete and utter discrace. If he can come up--or rather allow that somebody smarter than him comes up with--a plan to relieve the impending doom of the economy, maybe he can end on a footnote. The problem is that a guy as stupid as him never gets things right, and thus instead of this being his legacy it will be an 11th hour fvck up put on the pile of earlier fvckups and seal further the fate of his presidency as being one of the worst in American history.
 

BoomerD

No Lifer
Feb 26, 2006
57,435
5,770
126
Originally posted by: Skoorb
Bush is a fool, but he doesn't want to leave office a complete and utter discrace.
I think it's a little to late for that...

Originally posted by: Skoorb
The problem is that a guy as stupid as him never gets things right, and thus instead of this being his legacy it will be an 11th hour fvck up put on the pile of earlier fvckups and seal further the fate of his presidency as being one of the worst in American history.
There lies the crux of the problem...Bush has shown the tendency to do the wrong thing in the wrong place...with his track record thus far, he'd probably try to apply a band-aid to a gunshot...and then put it on the wrong person.


I'm actually starting to believe some of the "doom & gloomers" who say this ain't nearly over yet, and we still have a LONG way to go before our economy hits bottom...and it makes me nervous as hell...
 

RightIsWrong

Diamond Member
Apr 29, 2005
5,649
0
0
Originally posted by: Skoorb
Bush is a fool, but he doesn't want to leave office a complete and utter discrace. If he can come up--or rather allow that somebody smarter than him comes up with--a plan to relieve the impending doom of the economy, maybe he can end on a footnote. The problem is that a guy as stupid as him never gets things right, and thus instead of this being his legacy it will be an 11th hour fvck up put on the pile of earlier fvckups and seal further the fate of his presidency as being one of the worst in American history.
The only problem with that is that my 4 year old is busy with SpongeBob this week. :)
 

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