Fed May Gain More Financial Oversight

 By Neil Irwin and Binyamin Appelbaum

Washington Post Staff Writers
Monday, January 26, 2009; Page A01


Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis.

But the initiative, which could be finalized in the House by spring, is raising concerns about whether it would muddy the Fed’s traditional mission and concentrate too much power in a single federal body.

The legislation envisioned by House Financial Services Committee Chairman Barney Frank (D-Mass.) would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system, Frank and other congressional sources said.

Continue reading…

[emphasis added]

Here’s the problem with the bold text – the Federal Reserve is not a government agency. The Federal Reserve is no more “federal” than Federal Express.

The Federal Reserve is a private banking cartel run by unelected, private individuals who do their business in secret, which leads to the problem with the whole idea of giving the Fed more power. Who’s interests do you think the Fed really serves? Hmmm?

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