Nation's Top Economic Policymakers Agree: Major Wall Street Regulation Changes Needed

Washington Post:

The nation's top economic policymakers took their campaign to rework financial regulation to Capitol Hill yesterday, urging Congress to make major changes in the oversight of Wall Street firms and other financial institutions.

Calls by Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke for legislation intended to prevent a financial crisis like the one of the past year received a warm reception from the House Financial Services Committee. Most questions from lawmakers were about when and how to overhaul the system, not whether to do so.

Read the whole story: Washington Post

Comments

[KCFreedom]

Hey, I thought Wall St. regulates our federal government

[DaOne]

Gee Larry Kudlow says all is well. Maybe he's still just coked up.

[dadw5boys]

THE SEC ALSO NEEDS MONEY !!!!!!!

BUSH CUTS THE SEC BUDGET 35% IN THE LAST 2 BUDGETS!!!!!!

HE DOES NOT WANT THEM REGULATING THE HEDGE FUNDS THAT MOVED TO THE CAYMAN ISLANDS TO EXPLOIT THE ENRON LOOP HOLES...

Thanks to John MC CAIN, Graham of Texas and Tom Delay for the Enron Loop Hole!!!!!!!

[nanoscare]

Paulson and Bernanke probably supported all the deregulatory policies that brought us here in the first place. They are not to be trusted. There will something in their recommendations that sow the seeds of the next crisis 2-4 years down the line.

[CaptainSunshine]

The SEC has the authority to regulate Wall St. The problem is that the current administration is pushing its political agenda and guiding each agency.

[ricchase]

True. They need more government regulation. However do be aware that the Federal Reserve is NOT a government agency. Woodrow Wilson gave them the power they have in order to get elected. And he regretted the decision for the rest of his life.