From the Washington Times:

The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration’s regulatory overhaul plan.

The decision to concentrate sweeping new powers at the already overstretched Fed is not without controversy. Sen. Christopher J. Dodd, chairman of the Committee on Banking, Housing and Urban Affairs, which must approve any regulatory overhaul, has raised objections to that approach, and so has Federal Deposit Insurance Corp. Chairman Sheila C. Bair.

There really is no argument that the FED has too much power. The fact that the Obama Administration wants to give it authority over non-financial firms is truly incredible.   The Nation has a piece arguing that Sheila Bair is one of the few people standing against unlimited power of the Obamunists via the FED:

You probably don’t know much about Sheila Bair, but she is looking out for you, and that is why the big guys on Wall Street and their allies in the Obama administration are out to get her.

Once an aide to then-Sen. Robert Dole (R-Kan.), Bair was appointed by the first President Bush to the Commodity Futures Trading Commission and reappointed by President Clinton. Later she was named head of the FDIC by President George W. Bush. Throughout her public service she has proved to be a vigilant protector of consumer interests.

The current point of conflict between Bair and the hacks who got us into this mess–and who have resurfaced as the key players running the bailout–is financial industry accountability. She started demanding that accountability last fall when the Bush administration began the TARP bailout and she continues to do so under Obama. Throughout, her nemesis has been Timothy Geithner, former head of the New York Federal Reserve Bank and now secretary of the treasury.

So NO to more FED power! Support Bair in her efforts to oppose this power grab.  Support the Federal Reserve Transparency Act to shed light on the FED and limit its power.  You can tell which members of congress are in the pocket of the banks by looking at who supports the Federal Reserve Transparency Act and who does not.  However, the Senate is really where the influence of the FED will be ultimately be shown…