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      07-08-2008, 10:28 AM   #1
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More power to the FED?

Does this make you a little uneasy?

Bernanke seeks new powers for Fed

"This is the first time I ever recall the Fed coming out and arguing that it needs to have expanded oversight and responsibilities," said former Fed official Robert Eisenbeis in comments to Bloomberg television.

"The Fed is seeking broad oversight responsibilities that have been rejected in the past," Eisenbeis said.

It is a wide open question what Congress will ultimately decide to do about the glaring inadequacies of the regulatory system that have come to light in the financial market crisis that began last summer.

Lobbyists for the financial market industries have made careers provoking, easing and maneuvering around battles over regulatory turf.
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