The last ten years have certainly shown us that monetary organizations are not doing a good job keeping our money safe and making sound decisions when it comes to risk and reward. I think that Congress should be able to see transparently into what is going on and see if we need to fix anything.
No, Congress should not have greater oversight of the FDIC, because their job is pretty basic. The FDIC knows what their job is, and for the most part they do their job without controversy. The FDIC does not need a bunch of Congressman who do not know much about finances jumping in and trying to run a financial organization.
The FDIC insures the security of American’s bank deposits. The
Great Recession made this a more controversial job than it used to be. Allowing
Congress still more oversight of the banks would make the issue of bank regulation
even more of a political football that it already is. It would be used to score
points with voters and against the political opposition. The American banking
system is essential to our way of like. Its regulation should a job for
experts, not a political game.
Congress does not need to have more oversight over the FDIC. There are bigger problems that congress should be dealing with, and no one sees any problems with the FDIC. Rather, the finance committees should focus on the monetary policies of the Federal Reserve, which have come into question recently.
I do not believe Congress should have greater oversight over the FDIC. In fact, given the fact that America now seems to bail out banks that are in trouble, rather then let them fail as they should, the FDIC almost seems useless. There is no reason Congress would need more control over this agency.