Are you ready for a new federal government agency (Office Of Financial Research) under the direction of Treasury that has a $500 BILLION DOLLAR YEARLY BUDGET, can invest appropriations it is not using, and the profits are no longer your money? Are you ready for every single monetary transaction you make to be in a government database?
You can thank Olympia Snowe, Susan Collins, and Scott Brown.
WASHINGTON—U.S. senators took a major step toward passage of a broad revamp of U.S. financial markets Thursday as Democratic leaders were able to secure support from both sides of the aisle to put a close to debate.
The Senate voted, 60-40, to limit debate on legislation that would change the way mortgages and credit cards are regulated, financial firms interact with regulators and boost the government’s ability to deal with systemwide failures. A handful of Republicans voted with Democrats to invoke what is known in the Senate as “cloture.”
The vote puts a hard cap on the amount of time the Senate has to debate the 1,500-plus page piece of legislation, and clears the way for the Senate to take a final vote on the measure as soon as Thursday evening. Senate Democrats would need to clear a handful of procedural hurdles for that to occur, but leadership was discussing the possibility, according to several congressional aides.
This is the massive hidden problem that no one in the Beltway is talking about; Republicans included:
I am currently reading this bill and wanted to drop an interesting tidbit on you. For those interested in reading the 114 page Manager’s Amendment, go here. I am only a couple hundred pages into this POS but starting on page 60, a new government office is to be established. The “Office Of Financial Research” will be part of the Treasury, and will have a Director appointed by the President and confirmed by the Senate. This office will also have a data collection center to keep track of all financial and nonbank financial institutions so as to be able to report to Congress on companies that ‘threaten’ the economy. It is unclear how big or how many new government employees this office will create, but considering how events are unfolding now with Obamacare, I’m assuming pretty large.
The interesting tidbit pertains to the Financial Research Fund that is to be established and the ability of the Office that is providing Congress with reports to invest monies they aren’t using. Let me know if you think that’s a conflict of interest, and if you would like to know exactly how much money that is?
“Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office.”
Senator Tom Coburn with Neil Cavuto: