Changing in financial Industry?

Caution: I am only a student not quite good at English (that's the reason why I open this blog) and knows only a little in finance and economy but insterested in those issues. Therefore...... Suggestions and comments are welcome.

This is the address of the news:
Historic Overhaul of Finance Rules

I will just put some parts here
Those in purple is something I find interesting
Those underlined is just for my vocabulary improvementXD

The White House hopes Congress can complete work on the plan by year's end. But it is sure to face opposition both from some on the right who say it threatens to throttle free markets and others on the left who say it doesn't go far enough. Some in Congress are cautioning against haste.
The proposals are the latest instance of the administration seeking to expand its reach in the private sector. White House officials said the trauma of the current crisis shows a more muscular federal arsenal is needed to protect the financial system.
Executive compensation and hedge funds would face more scrutiny. Bank regulation would be streamlined somewhat. Financial firms would be required to hold more capital.
The process now heads to Capitol Hill. One tenet of the new plan has already made some lawmakers uncomfortable: a push to centralize more power in the Federal Reserve.
"Haste is dangerous, especially when you are dealing with comprehensive change in our financial system," said Republican Sen. Richard Shelby of Alabama, a conservative on such matters. "This could be the most important piece of legislation that we've had in the banking committee in 50 years."

It seems that I actually quote almost all the news here XD
Anyway, if such a legeislation really get passing, it will be the most important piece of legislation in banking in 50 years.

Some of those points in this news are quite interesting, in all, it shows that US government wants to have a stronger control over the financial industry, which I think it does need. It almost has no supervisions on their financial market during the past like twenty years. Of course US benefits a lot from such loose controls. Now it and the whole world suffer.

Federal Reserve has great power, now they may have more...I dont know whether it's good or not....

At the beginning of this semester, I talked to some professors and some people in business. Some think there will be big changes in financial crisis in several years. Some think there will be no changes at all for that the root hasnt changed.

Who knows? At least they are now trying to change something.

At last, I may say, haste is indeed dangerous, hesitate is dangerous as well.



Followed are some comments for the news.

I am very disappointed in this president. Change I should be afraid of. This just proves that the powers behind the curtain have bought both parties. The Federal reserve is the cause of this mess and now they are minding the store? I think the Iranian people have more guts to fight for fair governance than we have shown in 9 years or more. People need to wake up and smell the freedom being stolen.

I forgot the Fed has to be partly responsibile for this crisis.
In my opinion, we should be allowed more freedom when everything goes well but less freedom where there is crisis in economy. Now obviously is the latter period.

If current trends continue the Chinese will have more economic and personal freedoms than americans soon.

lol
As a Chinese, I.......well.....XD

All the financial turmoil that is talked about in the plan has one root cause - the management of our fiat currency by the Federal Reserve. But yet, they get more power under this plan?

Puppet indeed, this guy really doesn't understand what is going on in our economy.

The name "Federal Reserve Bank" was designed to deceive, and it still does. It is not federal, nor is it owned by the government. It is privately owned. It pays its own postage like any other corporation. Its employees are not civil service. Its physical property is held under private deeds and is subject to local taxation (government property is not).

It is an engine that has created private wealth that is unimaginable, even to the most financially sophisticated. It has enabled an imperial elite to manipulate our economy for its own agenda and enlisted the government itself as its enforcer. It controls the times, dictates business, affects our homes and practically everything in which we are interested. Now, they desire more power, and sadly it appears they will receive it.

Fed really has a great power.....
But according to what I learnt, there is a long debt over the advantages and disadvatages of a private Fed.
If it were controlled by the government, it seems still many problems....- -if not government, then who else???


Too many comments, I may continue the rest tmr.