Congress is considering a Treasury Department proposal positioning the FDIC as the conservator of any financial company determined by the Treasury and the Federal Reserve Board to pose a systemic risk to the economy. The proposal would give the FDIC unprecedented powers over non-bank financial institutions in order to protect the financial system. But is the FDIC the best agency to take on this 'super-regulator' role? Would these powers extend to the seizure of almost any large corporation with the potential to harm the economy? And what are the global implications of this new regulatory scheme?
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Wednesday, May 20, 2009
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