HOT BLAST: A call to restructure U.S. financial regulators
Aug 08, 2013 | 1393 views |  0 comments | 27 27 recommendations | email to a friend | print
Federal Reserve Chairman Ben Bernanke, arrives to testify before the Senate Banking, Housing, and Urban Affairs Committee hearing on July 18. (AP Photo/Manuel Balce Ceneta, File)
Federal Reserve Chairman Ben Bernanke, arrives to testify before the Senate Banking, Housing, and Urban Affairs Committee hearing on July 18. (AP Photo/Manuel Balce Ceneta, File)
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The Federal Reserve and big banks are at a "crossroads," writes Paul Volcker, who was chairman of the Federal Reserve from 1979 until 1987.

Here's one important take away from the piece, which is published this month in The New York Review of Books:

The simple fact is the United States doesn’t need six financial regulatory agencies—the Fed, the SEC, the FDIC, the CFTC, the Federal Housing Finance Agency, and the Office of the Controller of the Currency. It is a recipe for indecision, neglect, and stalemate, adding up to ineffectiveness. The time has come for change. 

As things stand today, I am told that can’t happen and won’t happen. However powerful the arguments for action, the vested interests—within the agencies, in Congress, and outside—are just too strong.
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