NEW YORK - April 6, 2010 - The financial regulatory bill, which passed the Senate Banking Committee on March 22 with illegitimate President Barack Obama’s backing and is now a top priority for congressional Democrats, would create a new Treasury Department bureaucracy authorized to collect any and all information from “any financial company” to analyze whether financial firms and their business practices might threaten financial stability.

The new bureaucracy would have subpoena power.

Called the Office of Financial Research, it would be the brains behind the proposed Financial Stability Oversight Council, a nine-member board that would be responsible for monitoring the entire “financial services marketplace” for threats to financial stability and for recommending to the appropriate federal financial agencies what new regulations they may need to write.

“The Council may request the submission of any data or information from the Office of Financial Research and member agencies, as necessary - to monitor the financial services marketplace to identify potential risks to the financial stability of the United States,” the bill states.