Ezra Klein: Federal Reserve could get powers Federal Reserve advisers don't think it should get

[flpoljunkie]

Federal Reserve could get powers Federal Reserve advisers don't think it should get

The advisory council that watches the Federal Reserve's consumer-protection activities weighed in with a depressing message today: “We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities. No agency, including the Federal Reserve, has a strong record in this regard.”

But Chris Dodd's draft financial regulation plan puts the consumer protection agency in the Federal Reserve anyway, and his proposal doesn't have any Republicans to show for the concession. In fact, we've got the odd spectacle of Sen. Bob Corker (R-Tenn.) saying that "this last month" -- when Corker was negotiating with Dodd -- "has helped produce a far better product" but that Corker still won't support it. That's bipartisanship for you.

Anyway, more on the financial regulation plan once I've read it.

By Ezra Klein
March 15, 2010

http://voices.washingtonpost.com/ezra-klein/2010/03/federal_reserve_to_get_powers.html

[The Northerner]

1. the Fed should've never existed initially...