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http://www.bloomberg.com/apps/news?pid=20601087&sid=ainh3qdHJuoM&refer=home

“April 18 (Bloomberg) — Former Federal Reserve Chairman Paul Volcker said Congress will probably review the authority granted to the Fed following emergency credit programs doubling the central bank’s balance sheet to $2.19 trillion.

“I don’t think the political system will tolerate the degree of activity that the Federal Reserve, in conjunction with the Treasury, has taken,” Volcker, head of President Barack Obama’s Economic Recovery Advisory Board, said today at a conference at Vanderbilt University in Nashville, Tennessee.

U.S. lawmakers from both political parties have expressed concern in recent months that the central bank has overstepped its authority by creating several emergency credit programs aimed at reviving lending and ending the recession.

“I think for better or for worse we are at a point where the Federal Reserve Act, after all that has been happening in the last year or more, is going to be reviewed,” Volcker said.

Under the act the central bank may in “unusual and exigent circumstances” lend to “any individual, partnership, or corporation” as long as the loans are secured “to the satisfaction” of the Fed.
(I couldn’t bring myself to quote the next part because it quoted Barney Frank as if HE were the one who had been calling against Fed action all this time, and never mentioned Ron Paul… but you can read the link.) What do you think?
Vajrad, I think that was their old hope but now the G20 has hopscotched that to direct international regulations I’m not sure that is the issue. I can’t see this climate with Mexico’s troubles allowing for that. However, I am concerned when suddenly a political class fighting transparency eagerly jumps towards it – as if it will serve their ends.