Comments on: Federal Reserve to be given sweeping new powers

By: Captain Ned

Captain Ned — Sat, 29 Mar 2008 22:15:40 +0000

The systemic risk regulatory powers are just window dressing here. The real meat of this bill is yet another attempt to drive a stake into the heart of the thrift charter by folding OTS into OCC, bulking up OCC so they can then continue their holy war against the Fed to see who the “top” regulator will be.

If you really want to change things for the better in the regulatory world let the OTS/OCC merger occur, repeal HOLA, then amend the National Bank Act to require OCC charters to abide by state law. I’m sick & tired of OTS/OCC lenders having the ability not to abide by my home state’s absolute prohibition on prepayment penalties, the absolute requirement for a pre-closing commitment letter, and our version of HOEPA (but with much tighter triggers).

By: clarencebeeks

clarencebeeks — Sat, 29 Mar 2008 20:19:11 +0000

Barney Frank is a JOKE! In any other State in America this guy wouldn’t even get elected Dog Catcher!

By: twist

twist — Sat, 29 Mar 2008 14:06:42 +0000

Yossarian-

The more I read about it, the less I like it. I’m all for regulation that mandates integrity and transparency- those things are necessary for a free market economy to work. This smacks of a centrally planned economy though- the WSJ is likening the Fed’s roll in the new order as a SWAT team to stamp out risk.

L asks “If they didn’t have the brains and foresight to see this coming, what qualifies them to fix it now?”

I agree.

By: Yossarian

Yossarian — Sat, 29 Mar 2008 05:31:54 +0000

Holy Hand Grendade, Batman!

I go away for a couple of days, and this happens.
Well, gotta read the except to figure out what it means. It just can’t be good.

By: sandman

sandman — Sat, 29 Mar 2008 03:30:18 +0000

Frank suggested one possibility would be to empower the fed as “Financial Services Risk Regulator”

Wow Barney, great idea! And only 6 years too late. Don’t chase the horses, just close the door.