Obama Proposes More Powers for Federal Reserve

Not only does the Federal Reserve System set interest rates and control the supply of credit, it has been moderating for many years Consumer Credit Productions under the Truth in Lending Act, the Equal Credit Opportunity Act, and the Home Mortgage Disclosure Act.

Today, Barack Obama has suggested to give new powers to the Federal Reserve, in order to protect consumers from themselves, by standardizing and simplifying contracts, regulating lending even outside the banking industry, and giving the Fed full regulatory powers over companies that are too big to fail.

The Federal Reserve Transparency Act, HR 1207, is up to 232 co-sponsors, but needs 290 (two-thirds vote) to resist a possible Veto by Barack Obama. Keep up the pressure on your Representatives!

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