'Reform' is the central focus of Washington these days.
On Tuesday, Senate Banking Committee Chairman Christopher Dodd called for new sweeping government powers to prevent another economic collapse, protect consumers and dismantle failing institutions.
Inside the lengthy 1,136 page reform…Dodd outlined moves to strip the Fed and other regulators of their powers to regulate banks, handing the job to a single agency.
Because of that…many question, is this the right move?
Maria Bartiromo spoke exclusively with Richmond Federal Reserve Bank Chief Jeffrey Lacker about that proposal. As the decision-maker for the Richmond Fed, Lacker said it is "important to get the mix of market discipline and regulation right." Lacker told Bartiromo he "thinks most people would agree the Federal Reserve's actions in this upset have been critical to the recovery and now the question turns to what happens when the stimulus is gone."