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Committee also rules that Wall Street firms must prepay for their failures

WASHINGTON - Taking aim at Wall Street and the nation's central bank, a key House committee voted Thursday to assess upfront fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve.

The votes were the final brush strokes to the House Financial Services Committee's response to last year's banking meltdown.

In a surprise, however, committee Chairman Barney Frank, D-Mass., delayed final action on a long-awaited regulatory overhaul bill until after Thanksgiving. Frank said members of the Congressional Black Caucus requested the delay because they were "troubled by a lack of response to the economic situation."
http://www.msnbc.msn.com/id/34039657/ns ... _business/

This is one bill you can expect powerful dems and powerful conks to team up and defeat. Congress should have no authority of any kind over the fed. We pitiful inferior plebians with our inferior intellects would just elect people to congress who would keep interest rates low all the time.