SEC, not Fed, should oversee investment firms-lawmaker

The Securities and Exchange Commission should have primary responsibility over U.S. investment banks, not the Federal Reserve, the top Republican on the Senate Banking Committee told Reuters on Wednesday.

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Posted by: Mr_Bill

Full Story: www.guardian.co.uk

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Lance Winslow

Hayward, CA

During the 'sub-prime' mortgage debacle, the Fed has acted at the request and direction of Wall Street. Giving the Fed oversight of investment banks would be like enabling Pinocchio to push strings to move Geppetto's hands.

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SEC, not Fed, should oversee investment firms-lawmaker

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