Wednesday, June 17, 2009

Obama wants new financial agency for consumers - Yahoo! Finance

The draft document calls for removing restrictions on the Fed's ability to examine or impose restrictions on large financial holding companies and their subsidiaries. But Obama's proposal would require the Fed, which can independently use emergency powers to bail out failing banks, to first obtain Treasury approval before extending credit to institutions in "unusual and exigent circumstances."
Obama wants new financial agency for consumers - Yahoo! Finance

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