Can the Fed regulate the financial system without causing another crisis? 21 July 2009 the recession in the U.S. economy, is slowly seeing its end. In yesterday is reported the index reading for United States of anticipated economic indicators which rose 0.7 percent in the month of June surpassing market expectations. And with the beginning of the economic recovery, the debate on the regulation of the U.S. financial system, returns to the center of the scene. The response of the Government of Barack Obama, has been acting on the heart of the problem and modify the regulation of entities that make up the financial system, where the U.S.
Federal Reserve took on a new role. In the month of June, it became known the proposal for reform of the financial system drawn up by the Government of Obama where the Federal Reserve received new powers, helped by several agencies, and the Treasury to oversee large financial firms whose potential collapse could threaten the system. The so-called report Rebuilding Financial Supervision and regulation, the Government contemplates that the Fed should also monitor systemic risks in the financial markets more closely, requesting reports to financial institutions to see if they meet the required minimum capital requirements and monitor matrices and subsidiaries of all financial companies, including those that belong to non-regulated markets or are abroad. In addition, the Fed would take control of regulation of markets that previously lacked Regulation (the so-called over the counter), such as derivatives and securitisation. The greatest power that the reform of the system of regulation and supervision gives the Fed runs not reform but that it goes far beyond, reconsidering aspects such as financial consumer protection or remuneration to senior managers. However, the major questions that have been heard are linked to the greater power of the Fed and not a few who raised their objections to his new role.