The Federal Reserve would continue to oversee smaller banks around the country under a measure adopted Wednesday in the Senate, marking a major victory for the Fed as lawmakers prepare to overhaul the nation's financial regulations.
Under the bill originally introduced by Sen. Christopher J. Dodd (D-Conn.), the central bank would have been stripped of the ability to regulate all but the handful of banks that hold assets above $50 billion. The Fed's leaders had vehemently opposed that proposal, saying it would undermine the central bank's effectiveness.
Lawmakers agreed on Wednesday, passing 91 to 8 an amendment to keep the Fed as the primary supervisor of the thousands of smaller banks across the country.
"This amendment ensures that the nation's monetary policy is connected to Main Street and not just to Wall Street," said Sen. Amy Klobuchar (D-Minn.).
The vote followed a vigorous campaign by Fed leaders -- especially the heads of regional Fed banks, who would have lost most of their regulatory authority. They argued that their oversight of smaller banks provides them a better window into the internal functioning of the economy, noting that those banks have contributed to big economic problems in the past, such as in the 1930s and during the savings and loan crisis of the 1980s. ...
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Comment: What this really means is that Wall Street will continue to control our Main Streets, allowing Wall Street to continue to act recklessly and irresponsibility with you and me picking up the tab.
With the repeal of the 17th Amendment reining in Wall Street would happen, and so would the rebuilding of Main Street. However, as long as the pack of thieves are able to do the will of Wall Street in US Senate Main Streets across America will continue to die.