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Argument: Reform gives fed reserve too much power over banks

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Supporting quotations

"Dodd Financial Regulation Bill: Super Regulators Not the Answer". David C. John. The Heritage Foundation. May 2010: "Ironically, the Senate Banking bill ends up giving it even greater powers over major financial services firms than it has now (even though it does strip the Fed of its jurisdiction over small banks). Although the new council of regulators is given the power to recommend and approve Fed actions, the actual power to design and implement such actions goes to the Federal Reserve."


Ben Briscoe. "Banking reform." American Thinker. April 6, 2010: "Tweaks do need to be made, but it's clear that through this legislation, the administration moves closer -- once again -- to the transformation of another private sector industry. They seek nothing less than Wall Street's move to Washington.

[...] Nothing could damage capitalism more severely than a nationalized financial system. Yet we move forward allowing those with a dismal track record on reforming anything to transform our entire health care industry into what will be a single-payer system. The single-payer system has failed everywhere in the world it has been tried. So even before we see the negative results of health care reform (it's not going to be fully implemented until 2014), we will allow Washington to enact legislation which will move our financial institutions one step closer to opening an Obamabank branch on a corner near you."

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