given the article recently completed about who is really running this country, this news below couldn’t be more applicable!

funny how this news is a minor blurb. but, hey at least a news alert was sent. because THIS is news!

and check out the links at end that someone sent me in reply to my comments.

On 3/29/08, <> wrote:

umm is anyone paying attention to this?

the most powerful position next to the President is now going to be more powerful.

this story stands out because just a couple weeks ago I was looking through the list of federal reserve chairmen to see if a woman was actually a chairman since its 1913 establishment and saw some interesting stuff in the process. first, no woman or minority fed chairman ever. and former fed chairman Paul Volcker who is 6ft 7in tall (and didn’t think about going pro NBA LOL) has endorsed Sen. Obama for president, which says a lot coming from someone who overseed the economy.

but what really concerns me is the lack of diversity of the actual federal reserve board, and this move may [WILL] benefit high income folks only – check out the current federal reserve board. it reads like a Who’s Who of country clubs. and yeah, I’m sure they’ll be dining with lower ranking military members sent off to war to protect somebody’s money. Cheney-Dick can’t stop thanking our current troops with his classic “go fuck yourself” and “I don’t care”comments!

but this plan also concerns me because during Nixon’s reign, he named Arthur Burns as fed chairman, THEN tried to direct spending from the federal reserve. and Nixon was not the first president to get chummy with the $$ right away.

“After finally winning the presidential election of 1968, Nixon named Burns to the Fed Chairmanship in 1970 with instructions to ensure easy access to credit when Nixon was running for reelection in 1972.”

Burns refused Nixon’s request, and his was name trashed for doing so.

so if the “federal reserve has all the money power with just the Senate “watching” over them, well, that’s just scary!

and will Pookie and Raheim FINALLY be able to have their banking system recognized?! LOL |

updated 11:53 p.m. ET March 28, 2008
Stocks & economy

Bush proposes financial regulation overhaul
Plan would expand powers of Federal Reserve

The Associated Press

WASHINGTON – The Bush administration is proposing a sweeping overhaul of the way the U.S. financial industry is regulated.

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press.

The proposal would designate the Fed as the primary regulator of market stability, greatly expanding the central bank’s ability to examine not just commercial banks but all segments of the financial services industry.

The administration proposal, which is to be formally unveiled in a speech Monday by Treasury Secretary Henry Paulson, also proposes consolidating the current scheme of bank regulation.

The plan would shut down the Office of Thrift Supervision, which supervises thrift institutions, and transfer its functions to the Office of the Comptroller of the Currency, which regulates banks. The plan would eliminate the distinction between banks and thrift institutions.

The role the Federal Reserve has been playing in efforts to stabilize the financial system after a credit crisis hit last August would be formalized.

The Fed would become the government’s “market stability regulator,” given sweeping powers to gather information on a wide range of institutions so that Fed Chairman Ben Bernanke and his colleagues could better detect where threats to the system might be hiding.

The proposal is certain to generate intense scrutiny in Congress and within the financial services industry, where past efforts to change how regulation is handled have met with fierce resistance.

Sen. Charles Schumer of New York, a Democrat, said that he approved of much that Paulson had included in the administration proposal.

“In broad outlines, we agree with large parts of Secretary Paulson’s plan,” Schumer, chairman of the Joint Economic Committee, said in a statement. “He is on the money when he calls for a more unified regulatory structure, although we would prefer a single regulator to the three he proposes.”

Under Paulson’s approach, the Fed would serve as the market stability regulator and there would also be a financial regulator that would focus on financial institutions that operate with government guarantees such as deposit insurance for banks.

The administration plan also proposes a business conduct regulator who would be in charge of overseeing consumer protection issues.

The plan was first reported by The New York Times on its Web site Friday night.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

-Forwarded message-
Date: Sat, 29 Mar 2008 03:01:34 -0400
Subject: & another reason to pay attn to: Bush proposes financial regulation overhaul

thanks Frank for sending this info 馃檪 or ChaosCorruptionPolitics & Societydick cheney,federal reserve chairman,george w bush,powers of federal reserve,us senategiven the article recently completed about who is really running this country, this news below couldn't be more applicable! funny how this news is a minor blurb. but, hey at least a news alert was sent. because THIS is news! and check out the links at end that someone sent me...or androcracy...