Chris Dodd will be “unveiling” his financial reform bill on Monday. Financial reform? What a freakin’ joke. A sneak peek informs us that The Fed and the pResident are going to control everything…one more step down the garden path folks. When are enough people going to realize that a private banking cartel that is part of an even larger private banking cartel is running this country and the world? End the Fed – NOW!
WASHINGTON — Senate Democrats will press forward this week on legislation to overhaul the nation’s financial system in a critical test of whether Washington can pass reform.
The bill that Christopher J. Dodd, chairman of the Senate Banking Committee, will introduce on Monday appears written with the goal of forging a consensus that can overcome partisan division, with provisions that incorporate ideas from both Democrats and Republicans.
Among the most recent provisions in the bill to emerge, according to people who have been briefed on the draft, is one that would curb Wall Street’s influence over theFederal Reserve Bank of New York. Its president would be appointed by the president of the United States, not by a board that includes representatives of member banks.
So who exactly is going to be sitting on the board of the New York Fed? Professors and intellectuals. Why not? We have professional politicians writing healthcare, not doctors.
The legislation would create a consumer protection agency within the Federal Reserve to write rules governing mortgages, credit cards and other financial products, said the people, who insisted on anonymity because the details were still in flux.
I feel all warm and fuzzy inside knowing The Fed has my back….and my clothes, and my wages, and my childrens’, childrens’ children’s wages.
In a concession to liberals, states’ attorneys general could sue violators of those rules, and the agency would have enforcement powers over large banks, mortgage originators and servicers, and other large lenders.
But in a nod to Republicans, the bill would allow a council of regulators, led by theTreasury, to overturn proposed consumer rules by a two-thirds vote. And although the consumer protection agency would have a director appointed by the president, it would be housed within the Fed, an anathema for consumer advocates.
The bill would also reshape the regulatory role of the Fed. It would be entrusted for the first time with oversight of all of the largest and most interconnected financial companies, even if they are not banks. And it would continue to oversee the largest bank holding companies, those with $50 billion or more in assets — about 35 companies, includingBank of America, JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.
Go over and read the rest, or wait a few hours; it’ll be here.