Editorial: Fed deserves continued congressional scrutiny

08/23/2010 | New York Times (tiered subscription model), The

Congress must continue to pay close attention as the Federal Reserve works to translate last year's financial regulatory-reform legislation into rules governing the mortgage industry and other financial players, argues this editorial. "Given the agency's long history of kowtowing to the banks, mortgage lenders and credit card companies, Congress will need to do more than trust. It will have to verify that the new rules finally give consumers -- and the American economy -- the strong, permanent protections they need," it says.

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