Overhaul of the Fed (1 Viewer)

[TDH]

This is a bonanza for the financial industry. They only have to influence the federal government now instead of having to influence all fifty states. Love all the federalism the Republicans were screaming for years ago.

 

[Pure Energy]

Doubtful this plan will go very far:

1. Dems don't believe the plan goes far enough...they want more regulation and more oversight.
2. Absolutely no way 50 State Insurance Commissioners relinquish their power.
3. Expanding the role of the Fed to include more regulatory power is politically untenable.
4. With a Presidential election right around the corner, there's no rush by a Democratic Congress to enact any legislation that might make the Administration look better.

In my opinion this is a preemptive strike to get a plan out there before the Democrats have time to piece theirs together. Expect the Dems to either submit their own plan or overhaul this one.

Regardless, I'm hopeful the response on Wall Street will be positive since many were expecting more oversight than is in this plan.