So Much for That Plan
One such plan was introduced by Treasury Secretary Lloyd Bentsen in March of 1994.
The plan called for folding, into a new independent federal agency (called the Banking
Commission), the regulatory portions of the Office of the Comptroller of the Currency
(OCC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC),
and the Office of Thrift Supervision (OTS). This plan would save the government $150
to $200 million a year. This would also allow the FDIC to concentrate on deposit
insurance and the Fed to concentrate on monetary policy (Anonymous 88). Of course this
is Washington, not The Land of Oz, so everyone can't be satisfied with this plan. Fed
Chairman Alan Greenspan and FDIC Chairman Ricky R. Tigert have been vocal
opponents of the plan. Greenspan has four major complaints about the plan. First,
divorced from the banks, the Fed would find it harder to forestall and deal with financial
crises. Second, monetary......