There is growing opinion that oversight is needed in the largest industries of the United States. Obviously this is a result of the gross negligence of banks in causing the current recession. The massive amount of risky loans given out by leading banks lead to the mortgage crisis, which then affected almost every other industry. President Obama is suggesting giving more power to the federal reserve to regulate major corporations but there is a lot of (justified) concern.
Somewhat surprisingly a few of the strongest critics are Democrats. However, instead of outright dismissing the idea there appears to be an alternate plan in the works. Senator Christopher Dodd, Democrat from Connecticut and chairman of the banking committee, would like to see a new bank regulator and strip the Federal Reserve of all regulation powers. It seems like an appropriate idea to focus the Federal Reserve on it’s primary role. The Federal Reserve’s primary focus should be to act as the nation’s central bank. Of course, the main functions are setting monetary policy and acting as a creditor in extreme situations. We will post an update when the strategy is chosen by the government.
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