Obama Defends Expansion Of Fed Powers

By: Sean Alfano
Topics: Economy

(CBS)

President Obama defended his recent decision to give the Federal Reserve expanded oversight powers over the nation's biggest financial institutions, during an exclusive interview with CBS' The Early Show.

While his critics argue the Fed was partly responsible for letting reckless practices on Wall Street get out of control, the president disagreed.

"It wasn't the Fed," Mr. Obama said.

"The Fed has the expertise and the credibility, I think, to do it," the president said.

In addition to federal regulation of the economy, the president spoke about the North Korean government's threats of a missile attack on U.S. soil and the crisis in Iran.

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by robertsgt40 June 23, 2009 2:58 PM EDT: Just when you thought it couldn't be any worse than under Bushco. But then we said the same think about Clinton, Bush I and Reagan. Obama should be tried for treason for not addressing the war crimes of the last administration. It's official now. He's turned the reigns over to the banksters. Amerika..don't you just love it?; Reply to this comment


by yuvbindupes June 23, 2009 10:22 AM EDT: Maybe now people will get it. The Federal Reserve is running the country and our leaders right on up to the President. He is their little *****!; Reply to this comment