President Barack Obama wants to give the Federal Reserve Board the job of being the nation’s overall risk regulator.
Sounds good, no?
No.
For decades, the Fed chairman, in testimony before Congress has always whipped out the word “private” in referring to its private-public status when fending off further Congressional regulation or investigation of IT. That would only happen in spades after this.
We’d probably wind up with an 1830s-style Bank of the United States.
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