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Washington Moves to Muzzle Wall Street
This was the week that Washington decided to muzzle Wall Street. Specifically, the Obama administration revealed a sweeping series of new proposed regulations and reforms — all designed to prevent the next great financial catastrophe.
The plan is multi-faceted and complex. Among other things, it aims to increase the Fed’s power, regulate the derivatives and securitization markets more effectively, protect consumers from the potential harm of complex financial products, and more. It’s been a long time in the making, with input from key policymakers, consumer groups, academics, and others.
Will these reforms work? Will they hamper innovation? Will they have unintended consequences,…
19Jun2009 | Money and Markets | 0 comments | ContinuedFederal Reserve May Gain New Powers Over U.S. Economy
U.S. President Barack Obama took a swipe at Wall Street yesterday (Wednesday) as he unveiled a sweeping 85-page proposal to reinvigorate government regulation of the U.S. financial markets by giving the Federal Reserve new powers to supervise the economy.
The proposal is part of an effort by the Obama administration to restore confidence in the nation’s financial system after last year’s collapses of The Bear Stearns Cos. and Lehman Brothers Holdings Inc. (OTC: LEHMQ). The failures of those two institutions caused a credit-market seizure that froze bank lending and paralyzed consumer spending – resulting in a near collapse of the U.S.…
18Jun2009 | Money Morning | 0 comments | Continued
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