The Fed, SEC, and conflicts of interest

The Fed draws so many economists into its orbit “that real criticism of the central bank has become a career liability for members of the profession,” says HuffPo.

A plan to have the SEC fund itself by contributions from banks “would create tremendous conflicts of interest.”

WSJ. A proposed plan to have the Fed monitor systemic risk is “like asking a thief to police himself.”

The entire Federal government apparatus to regulate and control the banking sector seems ineffective at best and compromised at worst, doesn’t it?