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03/31/2008: "Expansion of the Federal Reserve's Powers"

Treasury Secretary Henry Paulson on Monday proposed a set of sweeping changes to the nation's financial system, including a broad expansion of the Federal Reserve's powers, in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.

The plan comes as concerns about the housing crisis and its fallout in the financial system continues to fuel calls for change in Washington. The changes, if enacted, would be largely invisible to consumers but would drastically alter how the financial services industry is regulated.

[ The privately owned Federal Reserve must be pleased to have more powers, but it is unlikely that the public will benefit from more regulation. ]

http://money.cnn.com/2008/03/31/news/economy/paulson_regulation/index.htm?cnn=yes