Fed powers may be weakened

A proposal by Senate Banking Committee Chair Chris Dodd would merge the four bank regulatory agencies into a single super regulator, diminishing the singular power of the Federal Reserve.  School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says this would addess the issue of the Fed’s mission creep.

“Chairman Dodd’s support of a consolidated prudential regulator for all banks creates a new legislative dynamic for reform.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

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