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Posted: 1:31 PM Jul 15, 2008
KY Senator Bunning at Odds with Fed's New Powers
A U.S. Senator from Kentucky is at odds with the Bush administration when it comes to granting the Federal Reserve new powers.
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A U.S. Senator from Kentucky is at odds with the Bush administration when it comes to granting the Federal Reserve new powers.
Republican Jim Bunning is vowing to stop a proposal that would give the Federal Reserve sweeping new powers aimed at protecting the nation's shaky financial system.
Bunning says the Federal Reserve can't be trusted with the power it already has.
He says the Fed's policies in recent years have contributed to economic woes, including surging inflation, a declining dollar and the housing bust.
The proposal, that would expand the Fed's powers to oversee investment banks and protect the stability of the entire financial system, is currently before Congress.
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