Fed's seek further control...

[SteamWake]

In what is called a 'sweeping financial overhal' a bill is destined to land on the presients desk.

I see it as another layer of control by the federal goverment.

A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600-trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.

"We've put in the hands of the president a very powerful set of tools for him to reassert American leadership in the world," Frank said.

Re assert? When / how did we lose it Mr. Frank.

Honestly I'd be willing to bet that a large majority of americans dont even know this legislation is in motion.

http://www.washingtonpost.com/wp-dyn...500675_pf.html