National Commercial Lenders

Do you agree with this:

Head of the Bush administration for 2008 FINANCIAL CRISIS

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I see many politicians and members of the forum pointing the finger that was responsible for the 2008 financial crisis that we now know.

The answer is very simple.

The Bush administration!

Bush selected the Board of Governors of the Federal Reserve.

The Governors of the Federal Reserve is responsible for banking supervision.

The following quotations are available here:

Federal Reserve System - Wikipedia, the free encyclopedia


Quote:
Private banks elect members of the Board of Directors at their local Federal Reserve Bank while the members of the board of directors are appointed by the President of the United States and confirmed by the Senate.

Quote:
The Governing Council is part of the Federal Reserve is responsible for supervision of private banks. A general description of the types of regulation and supervision involved is given by the Federal Reserve: [11]
The Council also plays a major role in overseeing and regulating the U.S. banking system. He has oversight responsibility for state-chartered banks that are members of the Federal Reserve System, bank holding companies (companies that control banks), foreign activities of member banks, the U.S. operations of foreign banks, and Edge Act and agreement corporations (limited purpose institutions that engage in banking activities abroad). The board of directors and, under delegated authority, the Federal Reserve Banks, oversees about 900 banks in Member States and 5,000 bank holding companies. Other federal agencies also serve as primary supervisors Federal commercial banks, the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal reserve. Some regulations issued by the Commission apply to the banking industry as a whole, while others apply only to member banks, that is to say that the banks have chosen to join the Federal Reserve System and national banks, which by law must be members of the system. The Board also issues regulations to carry out major federal laws governing the protection of consumer credit, such as truth in lending, Equal Credit Opportunity and Home Mortgage Disclosure laws. Many of these consumer protection rules apply to various lenders outside the banking sector as well as for banks. Members of the Board of Governors are in constant contact with other makers in the government. They often testify before the Banking Supervision Committee of Congress on the economy, monetary policy and regulation, protection of consumer credit, financial markets, and other issues. The Council has regular contacts with members of the Presidential Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and holds regular meetings with the Secretary of the Treasury. The Chairman has formal responsibilities in the international arena.

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Preventing asset bubbles

The board of directors of each Federal Reserve District also have regulatory responsibilities and supervision. For example, a member bank (private bank) is not allowed to grant loans to too many people who can not repay them. This is because too many defaults on loans will lead to bank runs. If the Board of Directors has determined that the member bank makes or behave badly, it will inform the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, Subchapter 7, Article 301: [23]
Each Federal Reserve Bank must keep its.