“In broad outlines, we agree with large parts of Secretary Paulson’s plan”
The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation’s financial services industry from banks and securities firms to mortgage brokers and insurance companies.
The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.
The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system. Read more
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