What a Difference a Day Makes For the Federal Reserve
Yesterday, Politico carried this headline and lede: Bill gives Fed new power to police risk
The Federal Reserve stands to gain substantial new authority under financial reform legislation, despite increasing skepticism from lawmakers in both parties over the central bank’s unchecked powers over the U.S. economy.
Then this morning’s Washington Post carries this headline and lede: Dodd’s reform plan takes aim at the Fed
The chairman of the Senate Banking Committee on Tuesday unveiled a sweeping regulatory reform bill that would strip the Federal Reserve of nearly all of its power to oversee banks, setting up a possible clash with the Obama administration, which has argued for the central bank to play a pivotal role in addressing financial threats.
Obviously, there are a couple of issues left to be resolved.