Will Obama (Inter)Nationalize The Banks?
By Thomas P. Kilgannon
March 25, 2009
Page 2 of 2
It's true that President Obama wants more global spending, but he is more willing to feed steroids to the international bureaucracy than the media is letting on.
Larry Summers, Mr. Obama's National Economic Council director, said the President is "eager" to start augmenting international financial regulations and promised that the United States would lead a "leveling-up of regulatory standards." Former Federal Reserve Chairman and Obama advisor Paul Volcker has already signed off on plans to overhaul the international financial system. Secretary Geithner said the April 2nd G-20 summit will be the birthplace of global regulation, which will be more effective once national watchdogs are rebuilt.
That's what makes Fed Chairman Ben Bernanke's comments last week so interesting. Bernanke said the U.S. must create a national institution which "regulates the financial system as a whole, in a holistic way, not just its individual components." This will come in one of two forms -- a new federal bureaucracy, or a Federal Reserve with vastly expanded powers. Either way, it means the Obama administration is complying with the G-20's mandate to create a "regulatory system [that] is compatible with a modern and increasingly globalized financial system." It's time to say good-bye to your friendly neighborhood banker.
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Thomas P. Kilgannon is the President of Freedom Alliance and the author of Diplomatic Divorce: Why America Should End Its Love Affair With the United Nations.
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Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA. >> Back -- Page 1 2
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