Do not give banks policing powers over government programs

Do not give banks policing powers over government programs

I've heard recently that a suggestion was made to give banks policing powers over government programs, such as food stamp distribution, as a means of controlling costs and creating growth promotion.

Whoever made this suggestion can't be the brightest bulb in the tree. Have we not learned anything from our past experiences? We are just now coming out of what was the near collapse of our entire financial system. We have seen that by integrating activities within our financial services businesses, diversification, and deregulation almost caused a near economic Armageddon. It created the worst recession since The Great Depression.

I suggest we do the complete opposite of what has been suggested. Instead of integration of activities, diversification and deregulation, I suggest we segregate financial services. Return banks to what they were designed to handle - deposits and loans. Do not give banks policing powers over something they know nothing about. Why confuse the situation?

Also, stop banks from making, or allowing for, equity product purchases, and return that practice to a better regulated Wall Street. Segregate these industries and set standards for them. In essence, this would break up our banking system as we now know it, and better define it.

Reducing the size of banks would, in effect, force the creation of more and smaller banks, which would create more competition for deposits and loan extension. This would also lead to job creation. Make our financial system more reflective of our culture, a system of transparency, honesty and integrity.

These are the actions that should be taken to create more growth promotion and improve our economic health.

Keep it simple, stupid.

Jerry Bousquet

North Smithfield