MPs question Bank's new regulatory 'tools' Andrew Tyrie, chairman of the TSC, said: "With these new tools, the Bank will have a profound and even more direct impact on millions of individuals, households and businesses up and down the country. In March, the interim FPC, which is led by the Bank's Governor Sir Mervyn King, set out its recommendations to the Treasury on which tools it should ultimately have at its disposal to enable effective regulation of the financial sector. It said at the time that while such powers to restrict mortgages could be beneficial for financial stability, more would need to be done to get public backing. The interim FPC did not ask for this power on the grounds that the 'use of these tools would require a high level of public acceptability'. That reveals a lot," Mr Tyrie said. The Bank's reluctance to make such a request suggests that they themselves doubt their ability to explain the need for these tools to the public.