“Secretary Paulsen’s proposal to overhaul our antiquated financial bureaucracy is long overdue. But the sweeping increase in power planned for the Federal Reserve is absolutely going in the wrong direction. This 218-page proposal would hand power over our financial lives to the unelected and unaccountable. It would massively expand federal interference in the private sector, limit consumer choice, and nationalize the mortgage industry.
We need more capitalism and freer markets, not less. We need banks and businesses to face the consequences of their decisions, not be shielded from failure by politicians and bureaucrats. This proposal would stifle innovation and competition in banking, insurance, and other financial services, and threaten the financial privacy of all Americans. We don’t need socialized banking anymore than socialized medicine.”