Gentle Ben on the Hill: Takes Bair’s Position on Uber-Regulator! Agrees Fed should share power with panel on risk oversight!

Timmeh demonstrates his 'paper beats rock' economic plan to Ben (Reuters Photo / Lucas Jackson)

Timmeh demonstrates his 'paper beats rock' economic plan to Ben (Reuters Photo / Lucas Jackson)

WOW! A whole new tone from Ben! He is now on board with Sheila Bair of FDIC and Mary Schapiro of SEC’s positions, that no single regulator should have this power. And MiM totally agrees!!

See our previous post on Timmeh cursing out Sheila and Mary when they pushed back on his super regulator plan here

To watch Ben’s testimony LIVE in front of Congress see CNBC Live link here

CNBC:

The head of the Federal Reserve adopted a new tone Thursday over a key plank of the Obama administration’s proposed plan for financial regulation reform, saying new oversight powers proposed for the U.S. central bank should be shared with other regulators.

Fed Chairman Ben Bernanke told a congressional panel that a new council of financial regulators, not just the Federal Reserve, should monitor systemic risk in the economy.Bernanke’s comments came amid growing skepticism in Congress and beyond about an administration proposal to give the Fed the lead role in policing the economy for systemic risk, albeit in coordination with an inter-agency council.

..He also told the panel all systemically important financial firms should answer to a consolidated regulator, whether or not the firms own banks.

But an inter-agency council should be used to monitor the very broadest sorts of risk, he said, placing new emphasis on an idea embraced by increasingly vocal critics of the Fed.

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October 1, 2009. Tags: , , , , , , , , , . Economy, FDIC, Finance, Obama Administration, Wall St.

One Comment

  1. Did Jamie Dimon stop the re-enactment of Glass-Steagall? « Moderate in the Middle replied:

    […] wars are fully underway with Dodd trying to strip regulatory authority from not just the Federal Reserve, but no less than 3 other agencies including the FDIC and the Office of Thrift Supervision. Dodd […]

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