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March 7, 2012

Wall Street Says New Oversight Agency Is Too Costly

From The New York Times:

“Wall Street banks are pushing regulators to defray the start-up costs of a new agency intended to prevent another financial crisis.”

“In a letter sent to the Treasury Department, the financial industry is urging that the new agency, the Office of Financial Research, be financed by the Federal Reserve instead of the banks that it oversees until it is beyond its fledgling stage.”

“The industry letter quickly drew criticism from Better Markets, a nonprofit group that promotes the public interest in financial markets. In a letter to the Treasury, the group portrayed the banks’ proposal as a “‘request for a handout.'”

“The source of financing for the new agency, Better Markets said, ‘only changes according to a calendar schedule and nothing else.'”


Read full New York Times story here.

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