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ehanneken's Archive on Oct 07, 2008
Description
Robert Higgs reads the Emergency Economic Stabilization Act of 2008 with a jaundiced eye.
Clipping
But not to worry. The statute also provides for creation of a Financial Stability Oversight Board to oversee the secretary as he exercises his new authority. And who, you ask, will compose this board? It will include the chairman of the Fed, the director of the Federal Home Finance Agency, the chairman of the SEC, the secretary of Housing and Urban Development, and―mirabile dictu―the Treasury secretary himself. Bully. If a man can’t effectively monitor himself, whom can he monitor?
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ECrampton