Banking Industry Must Unite to Fight Clinton's Plan for a Single Regulator
Furash, Edward E., American Banker
The Clinton administration disguised income redistribution and higher taxes as deficit reduction.
Similarly, its proposal for a single bank regulator disguises political domination of bank lending as a way to simplify government and lower the cost of regulation.
The scheme also fails to address the urgent need to comprehensively reform regulation of the financial services industry.
The proposal has superficial attractions, including "reinventing government" and neatening the regulatory structure.
But looking deeply, one discovers that the real objective is political control of the economy and implementation of a social agenda - without the bother of getting legislation through Congress.
An Attack on the Fed…
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Publication information: Article title: Banking Industry Must Unite to Fight Clinton's Plan for a Single Regulator. Contributors: Furash, Edward E. - Author. Magazine title: American Banker. Volume: 158. Issue: 242 Publication date: December 21, 1993. Page number: 16. © 2009 SourceMedia, Inc. COPYRIGHT 1993 Gale Group.
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