Sunday, March 14, 2010

Fed gets new oversight powers under Dodd bill.

(Reuters) - The Federal Reserve would win sweeping new powers over nonbank financial firms and keep much of its authority over banks, under revised legislation to be unveiled on Monday by the chief architect of financial reform in the Senate...Link

Fed audit inching closer...........

A proposal on which U.S. Rep. Ron Paul, R-Texas, has been working for much of the last decade is getting close to reality: an audit-the-Federal Reserve requirement that has been approved in the U.S. House and is pending in the Senate as an amendment to a piece of financial reform legislation. "They're still negotiating," said a spokeswoman for the congressman's office. "We're very hopeful that it's going to be included, maybe ... by the end of next week." She told WND that Paul would be pleased to have it pass as it stands. The plan, now pending before the Senate Committee on Banking, Housing and Urban Affairs after being approved by the House at the close of 2009, would provide for "an audit of all actions taken by the Board of Governors of the Federal Reserve System and the Federal reserve banks during the current economic crisis…"...Link