Washington (CNNMoney.com) - Fed Chairman Ben Bernanke made his strongest case yet to Congress on Wednesday for the Federal Reserve keeping its regulatory oversight powers over banks large and small.
Bernanke told the House Financial Services panel said he's "quite concerned" about proposals to limit the Federal Reserve's regulatory power to watching out for only the biggest banks. He called the proposal a "bad idea."
"It makes us the 'too big to fail' regulator, and we don't want that responsibility," Bernanke said. "We need a connection to Main Street, as well as Wall Street."
Bernanke said the Fed, alone, has the infrastructure and expertise to keep a close eye on big banks as well as regional and community banks. He suggested that losing the ability to monitor smaller banks would impact the Fed's role in stabilizing the economy.
The fed has proven that their over sight means nothing, as evidenced by our current situation. Why would the American people want them to continue? Haven't we bailed out enough banks?
The fed should not have control of any banks. The policies of the fed for the last 15 years have done more to damage the dollar and our economy than anything in our history.
I don't understand. Don't the Banks run the Feds?
The Consumer Protection Agency should not be house in the Federal Treasury Dept. That will be a big victory for lobbyist. Sen. Dodd needs to come clean with the American people and stop acting like a future lobbyist.
The actions of these big and small banks have essentially contributed to further meltdown of the economy. They are responsible for what Americans are going through today. They were bailed out in time, to avoid their collapses, but unfortunately they refused to assist businesses by denying them credit and loans. This is lesson our government should learn. "Get your own banks and don't rely on these banks". If government owned banks and pushed money into businesses and communities, when it was most necessary, we would not be in the shape we are in today. Government should regulate all financial institutions, big or small and exercise more power and control over their actions. They are practically selfish.
I thought they were going to arrest Bernanke today?
monitor yes control no who is monitoring the fed and who is going to monitor the monitor
uhhhhh who did this guy work for before working for obama and just what was it he did???
guess he has a fresh idea now huh
Control of all banks ... Looks like they are taking over every aspect of our lives. God Save America.
Maybe there needs to be some checks and balances put into place to make sure the Federal Reserve and FDIC are doing their jobs. It seems like the banks got involved in some high risks gambling at the expense of their depositors and that shouldn't be allowed to happen. So there needs to be a separation between customer deposits and high risk activities. Must be a law or two that could accomplish that.
ABSOLUTELY. ...At a minimum!
You can stick this one to the REDs. Start by letting the public know how "Spray-tan" Boenher was kissing up to Jamie Diamond of Chase Bank in New York last month.
The "Deal" was if Diamond funds the Repugnicans, "Boner" will oppose any financial reforms.
Let's see what the RED Repugs have to say about that!
Since you've done so well in the past...
Aaaah – but who will monitor Bernanke and the Feds?
Ben, do you mean the same Fed that knowlingly allowed dumb and greedy bankers to drive us to the brink of Depression should be permitted to do it to us again? You have truly lost all credibility among anyone who understands the vast criminal conspiracy which invented the derivative securities scam.
We need intelligent people selected randomly from the GENERAL PUBLIC to monitor the Feds and Bernanke. Note the INTELLIGENT part of that sentence.
And the Fed has to be aware of the Greedy on Wall Street. We can't afford another, melt down.
Question: Will Republicans want to put new restrictions and regulations on Wall Street & Banks?
I don't want this bearded bone watching over anything until he starts talking about his role in Lehman.
The "private" company, the Federal Reserve Bank, was created in 1913 to stabilize the economy... jump ahead 97 years later and you will find bubble after bubble the economy was never stablelize until we put strict regulations. Plus our debt is so huge is scary. Doesn't the Fed thinks that is bad for the economy?!?
We don't need a "free market" economy. We need a well -regulated economy. If we have learned anything from the "Great Recession" is it this: If we don't regulate CEOs, then every one of them will cook the books, lie about company performance, outsource jobs, eliminate benefits, use illegal labor, use foreign sweatshops and foreign child labor, use deceptive advertising, convert all profits into bonuses for themselves, lay off 25% of their workers, work the survivors 60 hours a week, pay women less than men, manipulate markets, and bankrupt the nation if they can make some real cash doing it. We have learned that a man will do pretty much anything for a hundred million dollars.
I also think that a maximum wage is a good idea. Let no CEO make more than, say twenty-five times what the lowest paid employee makes. If the lowest paid employee makes $7 per hour or $14,000 annually, the CEO could make about $365,000 per year. That is enough to live very well and no one needs more money than that in a world filled with starving children.
Notonly should the Fed monitor ALL banks but ALL banks should be controlled and ran by the Fed and all the high paid bankers should be made to go get a real job for minimum wage!
Obviously he wants to control all banks. I also want to control all the banks, as I'm sure a lot of people want to control many things. Why would we trust him with control of all banks? He is a power hungry politician as are a lot of people in Washington. Don't trust them.
Yet another Big Government control freak. No one can possibly do anything right without Big Brother Ben Bernanke looking over their shoulders. Free market? Nah... No one's in charge! How can that possibly work?