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Bernanke Pushes to Keep Regulation Power as Some Senators Waver

Scott Lanman and Alison Vekshin
Bloomberg [1]
Friday, February 26th, 2010

Federal Reserve Chairman Ben S. Bernanke renewed his push to keep bank-supervision authority as some senators expressed support and others wavered.

Bernanke told the Senate Banking Committee that it would be a “grave mistake” to remove the Fed’s authority to oversee banks, as the panel’s chairman, Christopher Dodd, has proposed.

Democrat Evan Bayh of Indiana and Republicans Judd Gregg of New Hampshire and Mike Johanns of Nebraska, on Capitol Hill yesterday for a committee hearing with Bernanke, said they support Bernanke’s position. Rhode Island’s Jack Reed suggested the Fed may lose at least some of its authority.

“I don’t think it’s going to maintain its current role completely,” Reed, a Democrat, told reporters after the hearing.

Full article here [1]