Fed officially given control over every business in the country

June 18, 2009
By

From Washington Times:

The broad plan would step up regulation of nearly every financial institution while extending government control to markets and players such as hedge funds that escaped supervision in the past.

The Fed would receive enhanced power to regulate, lend to and close down companies outside its traditional banking domain, if their failure could endanger the economy or financial system. But the Fed would have to get the Treasury’s agreement to any rescue that puts taxpayer dollars at risk, and it would lose its power to write regulations protecting consumers against abuses. Those powers would be taken over by the new consumer agency.

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