Economic Downturn Brings Calls For Super Regulator

Law360, New York (March 6, 2009, 12:00 AM EST) -- Last year, the President's Working Group on Financial Markets suggested the idea of creating a new regulatory authority to monitor and evaluate what it called systemic risk to the financial system.

Now that the system has collapsed almost entirely, the call has come from the halls of Congress to the Federal Reserve for the creation of a super regulator more powerful than an exploding mortgage-backed security and able to leap mountains of debt in a single bound.

Just about everyone, including House Financial Services Committee Chairman...
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