The Corner

‘Single-Regulator Plan for Banks Now Close’

Because the creation of the Department of Homeland Security was such a great idea:

Top Obama administration officials are close to recommending that Congress create a single regulator to oversee the entire banking sector, people familiar with the matter said, a departure from the hodgepodge of federal agencies that failed to contain the financial crisis as it ballooned out of control last year.

The new agency is expected to be a major plank in a proposal that Treasury Secretary Timothy Geithner and White House officials send Capitol Hill in a few weeks with the goal of overhauling supervision of financial markets.

The whole article here.

As a WSJ commentator noted, the idea of putting the entire monetary system in the hands of Congress and people like Barney Frank, Nancy Pelosi, and Harry Reid is really scary. But given this administration’s penchant for seizing corporate assets to pay off political debts to unions and other special interests, it’s probably inevitable.

It’s also worth pointing to another interesting WSJ comment:

I believe Nobel Laureate F.A. Hayek’s argument for the denationalization of money is as relevant as ever. I encourage WSJ readers to review the free online edition of the concise book courtesy of the Institute of Economic Affairs:  “Denationalization of Money.”

Quote: “The cause of waves of unemployment is not capitalism, but governments denying enterprise the right to produce good money”

Recommended

The Latest