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Fed Has Expertise to Oversee Big Finance, President Says

Lora Bentley

Since the bottom fell out of the economy, pundits and politicians alike have speculated about what an overhaul of the financial regulatory system will look like. Many think the Federal Reserve will play a large role, and that it may even be handed all systemic risk authority.

 

Though we don't know yet what the full extent of the Fed's power will be, President Obama has currently tasked it with overseeing the nation's largest financial institutions, and this morning on The Early Show, he defended that decision. "The Fed has the expertise and the credibility, I think, to do it," he said. He also says the Fed was not responsible for the "out of control" practices on Wall Street


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