Federal Reserve Chairman Ben Bernanke wants new regulations in place for the financial regulatory system so any further potential crisis may be prevented. The idea of new regulations from the Federal Reserve looks to stop acts like predatory lending, overdraft fees that are excessive to the consumers, and interest rates that can suddenly skyrocket without warning.
Congress is hesitant to enact these proposed changes because many feel that the Federal Reserve, among other institutions, failed to stop the actions that caused the current economic troubles. Critics also feel new regulations would do little to help and be overly intrusive on the part of the government.
No matter what stance anyone takes it’s clear that a change has to be made. A business or institution can’t be so powerful that it alone props up the nations economy. It seems apparent that those who run such powerful organizations are not worried about the overall welfare of a nation, but only what benefits they can gain for themselves. The Federal Reserve and Congress needs to tread a fine line between putting forth regulations to stop business and financial practices that are detrimental to the economy and not asserting themselves too far into the private sector. The Federal Reserve has to take steps, along with financial institutions, to assure another economic downfall isn’t on the horizon due to shady business practices.
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