Bank regulators resist giving up powers!

The Federal Reserve, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Office of the Comptroller of the Currency all testified before congress this week against giving up some of their authority to a consumer protection agency established by the goverment. What are these guys afraid of, they have not been able to police themselves or establish regulations which would slow down the risk or deceptions of the banking and investment industry. Who is protecting the consumers, the FDIC was the only one that said they did not care, in fact said they could spend more time looking at banks. What ever happened to goverment for the people by the people!