Congress urged to curb Fed’s regulatory powers

House hearing revives debate on consolidating US regulatory agencies

US Federal Reserve building
Federal Reserve: would be stripped of regulatory powers under new suggestions

An influential conservative think-tank has called on lawmakers to strip the Federal Reserve of its regulatory authority over US banks.

Norbert Michel, senior research fellow at The Heritage Foundation, made the case for a drastic reordering of the federal regulatory structure for financial institutions at a bank subcommittee hearing of the House Committee on Financial Services earlier today (April 6).

“There are countless opportunities to reform the federal financial system,” he said. “It is

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