Wednesday, October 27, 2010
The Fed may have a new job
The rather recently conceived Consumer Financial Protection Bureau is still without a director, and many say that it is unable to make decisions and likely to fail if nothing is done soon, and some say it may even be too late. With deadlines soon approaching for the Bureau to make, one possibility to help is that the Fed would appoint a director. The Fed and the Bureau are within the same category and work together often, but it seems like a slight reach to me that the Fed could have the final say on the director. The Bureau doesn't officially launch until July 21, but some dates are approaching along the way.
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Isn't that a conflict of interests because the Federal reserve functions through reserve requirements for banks? The Feds interest are in economic stability not really consumer protection. In think it should be a government appointee approved by congress and maybe then the Fed. It adds more come complication to their job and the consumer Financial Protection Bureau is an institution that is not only crucial but convoluted by virtue of the sheer volume it handles.
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