While the Obama administration is giving more power to the Fed, as was unveiled last week by the plan to reform the financial system, the opposite seems to be happening in England. The Telegraph is reporting that former EU Trade Commissioner, now UK’s First Secretary of State and also Secretary of State for Business, has expressed disapproval for the request of Mervyn King, Bank of England’s governor, to gain more power in overseeing financial institutions in the UK believing it can do more than “issue sermons”.
In comments that will stoke the Government’s feud with the Bank’s Governor, Lord Mandelson will say: “I don’t support a ‘twin peaks’ system. The lesson of the last year is that we need a stronger regulator, not a weaker one.
The entire report HERE.
Ah, the opposing views and actions of government.