WASHINGTON (Reuters) – The Obama administration plans to call for the U.S. Office of Thrift Supervision to close as part of its overhaul of financial regulation, which would also include the elimination of the federal thrift charter for banks.
The plan would require large, interconnected firms to draft a “credible plan” for how they would be unwound if they ran into severe trouble, a senior administration official told reporters on a conference call on Tuesday.
The official said the proposal would also call for the creation of a financial oversight council that would be led by the Treasury Department, and would make the Federal Reserve the consolidated supervisor of large financial holding companies.
The Fed is a private company whose sole purpose is to make a profit…
You can do this at home kids – just follow these easy instructions:
1. You make an impressive declaration of your regulatory reform intentions.
2. You leave drafting the details to your party comrades in the legislature.
3. Curiously, the final legislation is written by lobbyists and former paid consultants for the industry you are regulating.
4. You sign the “flawed” legislation, saying that it is a victory for reform.
5. You tell your regulatory enforcers not to be too zealous in punishing minor deviations from the new rules.
Congratulations, kids! You have made change that the people can believe in without actually changing anything. Aren’t you glad Uncle Rahm showed you how?
By far the most disturbing part of the Senate Judiciary Committee oversight hearing today came when Russ Feingold asked Eric Holder whether he stands by a statement he made before the American Constitution Society last year.
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Today…
The Fed is a private company whose sole purpose is to make a profit…
…animations of my graphic creations and save them as QuickTime movies, I need to learn how to upload them so I can share them.
over at the orange now.
Make some calls if you can.
You can do this at home kids – just follow these easy instructions:
1. You make an impressive declaration of your regulatory reform intentions.
2. You leave drafting the details to your party comrades in the legislature.
3. Curiously, the final legislation is written by lobbyists and former paid consultants for the industry you are regulating.
4. You sign the “flawed” legislation, saying that it is a victory for reform.
5. You tell your regulatory enforcers not to be too zealous in punishing minor deviations from the new rules.
Congratulations, kids! You have made change that the people can believe in without actually changing anything. Aren’t you glad Uncle Rahm showed you how?
good thing emptywheel didnt.
Her LIVEBLOG from this morning is posted.
Holder with Senate Jucidiary Committee..
and she has more
Schools? Safety? Earthquakes? Water situation? Anything really.
Hubby got a job offer today but it’s 2,000 miles away and I don’t know a thing about Nevada.