The Fed, bank regulators clash over future of bank regulation FDIC's Bair says council should o

08/04/2009 • Market Watch

And only Ron Paul makes the case for the people! AUDIT AND END THE FED! Bank regulators on Tuesday clashed over the future of regulatory reform efforts, continuing to reveal a growing rift between regulators that support a White House proposal that would empower The Federal Reserve and those that don't. "If you have a single monopoly regulator [The Fed], it leads to regulatory laxities," said Federal Deposit Insurance Corp. Chairwoman Sheila Bair at a Senate Banking Committee hearing on how bank regulation should change in response to the financial crisis. At issue is whether to imbue the Fed with the authority for overseeing systemically risky institutions, as the White House and Treasury Department are seeking, or to give that responsibility to a council of regulators, made up of the Fed and other bank and securities agencies, as Bair and some other regulators are seeking.