BIG BAD FED! What Dept is in your wallet? Don't leave HOME without it! Reserve Traveler's Checks... and checks and mortgages and credit cards ....

from The Wall Street Journal

President Barack Obama on Wednesday unveiled sweeping changes to the way the U.S. government oversees financial markets.

Obama confirmed that the overhaul, which he wants to complete this year, includes giving more power to the Federal Reserve to police large, systematically important institutions, allowing the government to break firms apart, implementing new rules for complex instruments and creating a new federal agency to oversee consumer products such as mortgages and credit cards.

"With the reforms we are proposing today, we seek to put in place rules that will allow our markets to promote innovation while discouraging abuse," the president said. "We seek to create a framework in which markets can function freely and fairly, without the fragility in which normal business cycles bring the risk of financial collapse; a system that works for businesses and consumers."

http://online.wsj.com/article/SB124524649229423271.html#mod=djemalertNEWS