President Obama Seeks Grater Power To Shrink The Fed

President Barack Obama is asking Congress for the power to shrink the federal government and merge federal agencies in an effort to make government more efficient and consumer friendly. The president is calling it "a big idea". Obama is trying to rally Republicans in Congress to get behind the plan, which would save $3 billion over 10 years. Under the proposal, six major trade and commerce agencies with overlapping programs would be merged. The Commerce Department would be among those that would cease to exist. President Ronald Reagan is the last president who had the type of reorganizational power that Obama is seeking from Congress. President Barack Obama will ask Congress on Friday for greater power to shrink the federal government, and he would start by trying to merge six major trade and commerce agencies whose overlapping programs can be baffling to business, the White House said Friday. The Commerce Department would be among those that would cease to exist. Obama will call on Congress to give him a type of reorganizational power last held by a president when Ronald Reagan was in office.