Now that President Obama has signed the $787 billion Stimulus Bill into law, Congressional attention is turning toward increased regulation of banks. As more banks fail across the country, Congressional leaders are looking at new levels of federal involvement and control of the banking system. In fact, a recent article in the Financial Times points to support among both Republican and Democrat lawmakers toward nationalizing American banks.
As with the Stimulus Bill, this idea does not have support among U.S. voters. A recent study conducted by Rasmussen shows that 75% of Americans do not think the United States government should take over the banking system. Only 9% think such a shift would be a good idea. So, as Congress continues to look for long term solutions to current economic problems they should probably check with the voters first.
