Tuesday, March 10, 2009
Federal Reserve Chairman Ben Bernanke has told an elite gathering that a new overarching financial authority should be created by the government and empowered with sweeping new regulatory responsibilities.
Bernanke also coyly indicted to the renowned globalist group that he believes a new international order could be fomented out of the crisis.
“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke said in a speech to the Council on Foreign Relations.
“We should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing.” he added.
Large firms will require “especially close” oversight in the future, Bernanke noted, adding that regulators need the authority to seize such firms.