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deckchairs on the titanic
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deckchairs on the titanic
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deckchairs on the titanic
news from the swamp
New Treasury Department Plan: "Rehashed Industry Wish-List"
US PIRG's Ed Mierzwinski thinks the Treasury Department's recently announced plan for reforming financial regulation,
...may include some good ideas, but it is largely a re-hashed, unsubstantiated industry wish-list that seeks to eliminate state enforcement authority over insurance, securities and other financial products, without even guaranteeing strong consumer protection at the federal level.I gotta say, when I first read about Henry Paulson's plan, it sounded like they said, hey, we've got this pile of proposals here, let's go down to Kinkos, use their binding machine, and call it a day.
Statement: Treasury regulatory proposal— a Wall Street home run and a Main Street strike out [U.S. PIRG Consumer Blog]
PREVIOUSLY: Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System
deckchairs on the titanic
Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System
Treasury Secretary Henry Paulson wants to consolidate the nation's financial regulators into a tripartite gang that can save the economy from distress and doom. The plan to give the Federal Reserve broad new regulatory powers and streamline the regulatory community has been in the works since last March, before the start of the subprime meltdown. Paulson is worried that the U.S. markets are no longer competitive with maturing world markets, some of which aren't hampered by nuisances like regulation. After the jump we'll explain the consumer impact of the plan and introduce you to your three new regulators. More »
4:38 PM on Sat Mar 29 2008
By Carey
3,788 views,
46 comments
Latest by Charles Duffy: @Mr. Gunn: That's not to say that all risks are the same, or that people don't have the ability (when deciding which part of the country to live in) to mitigate those risks. I'll take tornados over earthquakes or flooding any more »
Bernanke encourages banks to offer "new" mortgage products to low income buyers, "Such products could be designed to avoid or mitigate the risk of prepayment shock and to be more transparent with respect to their terms," Bernanke wrote. [Washington Post]
