This is the beginning bureaucratic implementation of the disastrous Dodd-Frank FinReg Law that needs to be repealed right behind Obamacare. For those that don’t realize one of the more fascist aspects of this law and the Office of Financial Research, please read Big Brother’s Lock On Your Money Is Complete.
Fed Creates Office To Implement Dodd-Frank Overhaul Law
WASHINGTON (Dow Jones)–The Federal Reserve is creating an office to implement legislation overhauling the U.S. financial regulation system.
The Fed on Thursday announced it established the Office of Financial Stability Policy and Research. J. Nellie Liang, a Fed economist, was named as its director.
The office will bring together economists, banking supervisors, and markets experts to focus on financial stability. It will coordinate Fed staff efforts to identify and analyze potential risks to the financial system and the overall economy.
“The financial stability team will play an important role in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, in our oversight of systemically important financial institutions, and in our overall surveillance of the financial markets and the economy,” Fed Chairman Ben Bernanke said in a news release.
The Dodd-Frank law was passed by Congress last summer, a response to widespread calls for changes in the regulatory system after the U.S. financial crisis erupted.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
From Federal Reserve Board of Governors
Release Date: November 4, 2010
For immediate release
The Federal Reserve Board on Thursday established the Office of Financial Stability Policy and Research and appointed Board economist J. Nellie Liang as its director.
The office will bring together economists, banking supervisors, markets experts, and others in the Federal Reserve who will be dedicated to supporting the Board’s financial stability responsibilities. The office will develop and coordinate staff efforts to identify and analyze potential risks to the financial system and the broader economy, including through the monitoring of asset prices, leverage, financial flows, and other market risk indicators; follow developments at key institutions; and analyze policies to promote financial stability. It will also support the supervision of large financial institutions and the Board’s participation on the Financial Stability Oversight Council.
“The Office of Financial Stability Policy and Research brings together a skilled group of people with a wide range of expertise to focus solely on financial stability,” Federal Reserve Chairman Ben S. Bernanke said. “The financial stability team will play an important role in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, in our oversight of systemically important financial institutions, and in our overall surveillance of the financial markets and the economy. I am pleased that such a strong economist and leader as Nellie is leading this group.”
Liang joined the Board in 1986, acting most recently as a senior associate director in the Division of Research and Statistics. In that role, she has led a group of economists focused on the intersection of economics and finance, including oversight of capital markets, financial institutions, consumer finance, and financial flows. Liang was a key participant in crafting the Federal Reserve’s response to the financial crisis and helped lead the Supervisory Capital Assessment Program, or bank stress tests, which helped increase public confidence in the banking system in 2009. Liang has a Ph.D. in economics from the University of Maryland and an undergraduate degree in economics from the University of Notre Dame.
And just for fun, I found this for you to peruse as I am still digging for information on J. Nellie Liang. I cannot even find a picture of this person on the Fed’s site.
The Illegal Actions of the Federal Reserve: An Analysis of How the Nation’s Central Bank Has Acted Outside the Law in Responding to the Current Financial Crisis from Chad Emerson and the William & Mary Law School Scholarship Repository.
There seems to be another little ditty in this law about Geithner’s ability to just decide that your business is “toxic” and come in, close your doors, sell off your assets, and put new owners in place. Another item is that we can no longer practice FOIA in this so you don’t know what they have on you or a business? This has to be repealed-it’s the Federal Reserve’s ticket to owning or naturalizing America’s businesses and I heard Maxine Watters tell the Exxon CEO that it’s “all about this socialist..ah..we are going to take you over and run your business ourselves.” Now they are printing more money in order to “stimulate” the economy-whose economy? Obama is going to promise all this aid to India on his trip there. We’ve sent money all over the world with little of it staying here except the purchases of appliances, hot water heaters, heat pumps, and weatherizing of homes for the “needy” and another bummer in the car mess where people were getting electric carts (golf) for free in Arizona or Nevada or in the west somewhere-John Stossel had one driving downtown New York and he donated it to Central Park. The list goes on-we are being suckered again and Soros is playing in this bid to ruin our dollar-he said that in an interview that “it needed to be done gradually and we need a new system”…Who can stop these people?????
We can. Everybody in this country just stops what they are doing and goes on strike. No work, no purchases, one big sit in. Want to watch the world’s economies grind to a screeching halt without us buying all their crap and making money for the Fed?