by Calculated Risk on 3/28/2008 09:39:00 PM

From Edmund Andrews at the NY Times: Treasury Dept. Seeks New U.S. Power to Keep Markets Stable (hat tip AllenM)

The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.

Here is the Treasury’s Summary of Regulatory Proposal. Just some light reading for a friday night.