Obama Administration Considers Federal Oversight Of Big Banks

May 9, 2009

US (ChattahBox) – After it became clear that the current financial crisis was caused by the lending and spending practices of large banks and mortgage companies, the Obama Administration has begun plans to create heavier oversight of ‘too big to fall’ institutions.

The measure would be taken to ensure such a crisis did not occur again, and the job is most likely to go to the Federal Reserve, according to an anonymous source within the White House.

While there were originally some rumors that a committee led by various groups would be selected to handle the task, it is looking more and more likely to be appointed to a single faction, after Treasury Secretary Timothy Geithner stated that “committees don’t make decisions”.

No official plans have been announced, though a meeting on the matter is set to take place before the Independence Day recess.


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