This morning I read that lawmakers are on final approach for banking reform.
After reading how it has been widely accepted the Federal Reserve can take part, or most all of the blame for the current and continuing collapse of world economies.
The Fed had been lambasted for failing to stem the risky lending that fueled the U.S. housing bubble and for bailing out big financial firms after the bubble popped. It has acknowledged its oversight was too complacent before the 2007-2009 financial crisis that shook economies worldwide.
So what has Congress cooked up to fix this mess?
Lawmakers signed off on a one-time look at its emergency lending during the crisis, and ordered the Fed to disclose on an ongoing basis details on its discount window lending and open market operations, although with a three-year lag.
Lawmakers also dropped a proposal that would have made the head of the New York Fed a presidential appointee.
I got nuthin’