The bail-out bill: Someone to watch over me

"The bail-out law brings more oversight of the Fed and the financial systemTHE 451-page bail-out bill passed by Congress on October 3rd contained reams of extraneous stuff, ranging from $150 billion in tax breaks to increased insurance cover for mental illness. No surprise there. It also includes two little-noticed provisions that portend closer oversight of the financial system and of its single biggest player, the Federal Reserve. The law orders up two reports on regulatory overhaul. The first, by a congressional panel created to monitor exactly how the Treasury is to spend up to $700 billion on mortgage assets and stakes in financial companies, is due by January 20th 2009, the date of the next president’s inauguration. The second, to be written by the next treasury secretary, is due on April 30th. ..." (2008-10-9)
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