Dodd Proposes Dramatic Shake-Up Of NY Fed

[kpete]

Dodd Proposes Dramatic Shake-Up Of NY Fed

Dodd is proposing to wrest control of the appointment of the head of the NY Fed from its member banks and make it a White House appointment, instead. Another rule being proposed in the latest draft of his committee's financial regulatory reform legislation, to be unveiled tomorrow morning at 9:45AM, would prohibit member bank officers from sitting on the NY Fed's board.
http://www.dailykos.com/storyonly/2010/3/14/846276/-Breaking:-Dodd-Proposes-Dramatic-Shake-Up-Of-NY-Fed

With Nods to Both Sides, Dodd Will Introduce Bill
By SEWELL CHAN
March 15, 2010

WASHINGTON --

...according to people who have been briefed on the draft, is one that would curb Wall Street's power over the Federal Reserve Bank of New York. Its president would be appointed by the president of the United States, not by member banks.

Another rule would ban bank officers from sitting on the New York Fed's board, meaning that Jamie Dimon, chief executive of JPMorgan Chase, would probably have to leave the board.

The legislation would create a consumer protection agency within the Federal Reserve to write rules governing mortgages, credit cards and other financial products, said the people, who insisted on anonymity because the details were still in flux.

In a concession to liberals, states' attorneys general could sue violators of those rules, and the agency would have enforcement powers over large banks, mortgage originators and servicers, and other large lenders...

more:
http://www.nytimes.com/2010/03/15/business/15regulate.html?hp

[upi402]

1. no new independent agency

right? From the article I read earlier, it was a disappointment.

[Major Hogwash]

2. Kick this sucker to the top of the page!!!

Good work, kpete!!

You're my fricking hero!