Federal Reserve is asking for Sweeping New`Powers

NEW YORK (MarketWatch) -- U.S. Treasury Secretary Henry Paulson plans to call for extensive, wide-ranging reforms to the way the government regulates financial markets, including proposals to give the Federal Reserve more power and create new bodies to monitor mortgages and other transactions.

The many items in the Treasury plan include a proposal to make the Fed "responsible for overall issues of financial market stability," according to the executive summary.

In addition to the Fed's current powers to provide liquidity through its monetary policy tools, the central bank "should be provided with a different, yet critically important regulatory role and broad powers focusing on the overall financial system," the document said.

The new role would include "the responsibility and authority to gather appropriate information, disclose information, collaborate with the other regulators on rule writing, and take corrective actions when necessary in the interest of overall financial market stability," it said, adding that this was a "long-term" component of the plan.
This seems plenty scary to me. We the people seem to loose more and more control over our own affairs every day.
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