Michele Bachmann On Barney Frank’s Financial Reform Legislation

I started reading the first draft of the financial regulatory reform legislation back at the end of October when it was 253 pages but it kept changing; first to 379 pages and now 1,279 pages. The latest draft was put out on the house floor a few days ago and guess what, they are voting on it today. Not very many people have been paying attention to the complete takeover of the financial sector by progressive democrats because everybody has been talking about the Senate health care bill. One needs to remember that whoever controls the purse strings, controls the world.

Michele Bachmann has called for Americans to melt the phone lines of their representatives in Washington over this sneaky legislation that gives control of the private sector to the White House. (202-224-3121).  This legislation also has the Waters amendment that gives community organizations (like ACORN) a seat at the table.  Barney and his cronies will tout this as a great bill because it contains the auditing of the Federal Reserve in it.  Go here to watch live streaming coverage of the vote on amendments and this bill.

A very small excerpt concerning an oversight council:

H.R.4173
The Wall Street Reform and Consumer Protection Act of 2009 (Introduced in House)

SEC. 1001. FINANCIAL SERVICES OVERSIGHT COUNCIL ESTABLISHED.

    (a) Establishment- Immediately upon enactment of this title, there is established a Financial Services Oversight Council.
    (b) Membership- The Council shall consist of the following:
    • (1) VOTING MEMBERS- Voting members, who shall each have one vote on the Council, as follows:
    • (A) The Secretary of the Treasury, who shall serve as the Chairman of the Council.
    • (B) The Chairman of the Board of Governors of the Federal Reserve System.
    • (C) The Comptroller of the Currency.
    • (D) The Director of the Office of Thrift Supervision, until the functions of the Director of the Office of Thrift Supervision are transferred to pursuant to subtitle C.
    • (E) The Chairman of the Securities and Exchange Commission.
    • (F) The Chairman of the Commodity Futures Trading Commission.
    • (G) The Chairperson of the Federal Deposit Insurance Corporation.
    • (H) The Director of the Federal Housing Finance Agency.
    • (I) The Chairman of the National Credit Union Administration.
    • (2) NONVOTING MEMBERS- Nonvoting members, who shall serve in an advisory capacity:
    • (A) A State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, provided that the term for which a State insurance commissioner may serve shall last no more than the 2-year period beginning on the date that the commissioner is selected.
    • (B) A State banking supervisor, to be designated by a selection process determined by the State bank supervisors, provided that the term for which a State banking supervisor may serve shall last no more than the 2-year period beginning on the date that the supervisor is selected.
    (c) Duties- The Council shall have the following duties:
    • (1) To advise the Congress on financial domestic and international regulatory developments, including insurance and accounting developments, and make recommendations that will enhance the integrity, efficiency, orderliness, competitiveness, and stability of the United States financial markets.
    • (2) To monitor the financial services marketplace to identify potential threats to the stability of the United States financial system.
    • (3) To identify potential threats to the stability of the United States financial system that do not arise out of the financial services marketplace.
    • (4) To develop plans (and conduct exercises in furtherance of those plans) to prepare for potential threats identified under paragraphs (2) and (3).
    • (5) To subject financial companies and financial activities to stricter prudential standards in order to promote financial stability and mitigate systemic risk in accordance with subtitle B.

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