And the World Bank is right to be concerned about giving more authority to the Federal Reserve. Even if it wasn't Bernanke, handing over more power to the Fed is a bad idea. Why would anyone outside of Wall Street want to give more power to any group that is so cozy with banks?
It should not be a surprise that American democracy is hesitating about authorizing the Fed to supervise systemic banking as well as operating monetary policy, adding to its power," World Bank President Robert Zoellick said.
In a speech prepared for delivery at Johns Hopkins University's School of Advanced International Studies, Zoellick said the U.S. Congress had a long tradition of viewing banks with suspicion that made it a challenge to beef up the U.S. central bank's power after last year's financial panic.
