Bank lobby: Consolidated regulator is a bad idea - MarketWatch - 10:20AM

Bank lobby: Consolidated regulator is a bad idea - MarketWatch WASHINGTON (MarketWatch) - The Treasury should not create a consolidated bank regulator to oversee financial institutions, a major bank lobbying group said on Friday. "A federal regulatory agency would undoubtedly have a strong bias toward federally regulated institutions," the American Bankers Association wrote in a letter to Treasury Secretary Timothy Geithner. The Treasury is considering merging the Office of the Comptroller of the Currency, the Office of Thrift Supervision, parts of the Federal Deposit Insurance Corp. and the Federal Reserve Board into one agency, according to people familiar with the Treasury. The ABA, which is made up of large and small financial institutions, said it supported the creation of a council of agencies headed by the Federal Reserve chairman that is charged with identifying problems and recommending solutions. The ABA joins the Independent Community Bankers of America who is opposed to a consolidated regulator, arguing it would result in "overwhelming concentration of power."

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Really? I'm shocked, just shocked. The banksters don't want anyone looking over their shoulder, unless it meets their terms. Anyone want to bet they get their way?