Another of Gordon Brown's genius ideas gets the respect it deserves

I read that:

"The Economic Affairs Committee... publishes its report on banking supervision and regulation. The committee has been looking at the role of the Bank of England, the Treasury and the Financial Services Authority (FSA), and whether failings in this area contributed to the banking and financial crisis in the Britain.

Although the report will not call for the wholesale reconstruction of the tripartite, it will urge the Government to give key elements of the FSA's current role back to the Bank of England."

Just in case you weren't aware who took power away from the Bank Of England and set-up
the tripartite arrangements, to much applause from himself and the brown-noses in the media, The Telegraph helpfully point out:

"The Bank ceded its role as a financial regulator to the FSA in 1997 when Gordon Brown, then Chancellor, gave it independence over monetary policy.

At the time, the then Governor Eddie George is said to have threatened to resign, warning Mr Brown that the decision could leave the financial system more vulnerable.

Although the Bank has since been authorised to issue warnings on vulnerabilities in the system, it has not had the "teeth" to follow these up.

For instance, in 2006 it warned that banks' increased use of securitisation left them exposed to major risks if the credit markets closed – a warning which, if followed, could have helped prevent Northern Rock's collapse. "

Another great idea of Gordon Brown's that has been finally seen for what it was.