You have to to be freaking kidding me, Bush wants to give the Federal Reserve, broad new powers!
OK, file this in the YOU HAVE GOT TO BE SHITTING ME category. Bush wants to consolidate financial agencies and give the Federal Reserve sweeping new powers. It sounds like some more of the Republican flavor of Big Government will be coming our way unless someone slows down this train. It sounds like Bush wants to create some more bureaucracy before leaving town, ala Homeland Security Department.
Bush Stands By Economic Plans, Increasing Federal Reserve’s Powers
President Bush is set to introduce legislation on Monday that gives the Federal Reserve broad new powers.
According to published reports, the proposal empowers the Federal Reserve to act when market stability is threatened.
That includes looking at financial records of private companies that may represent a danger to the overall system.
It is the result of a yearlong review intended to modernize the financial services industry - but the recent economic crisis has put the issue front and center.
Other recommendations include consolidating agencies that regulate stock and commodity trading, and introducing federal regulation of the insurance industry.
Meanwhile, despite signs of a recession, President Bush remains optimistic about the country’s economic future.
Bush said in his weekly radio address on Saturday that actions taken by his administration, like providing incentives to businesses that invest in new equipment, will help jump-start the economy.
“As more businesses begin taking advantage of these incentives, investment will pick up and so will job creation. Together with the individual tax rebates, these incentives will help give our economy a shot in the arm,” said Bush.
The Commerce Department reported Friday that February was the weakest spending month for consumers in nearly a year and a half.