(IF YOU ARE NOT LIVIDLY BESIDE YOURSELF, YOU ARE NOT PAYING ATTENTION!)
Yet another compact with the darkside made in the District of Criminals.
Blanche Lincoln has made a deal lessening the impact of derivative rules (you know, those pesky trades that put us in this fix) so that the financial regulation reform bill could be passed by the Senate and sent onto to Barry’s desk.
This is the bill that creates two new federal agencies, one of which gathers financial intelligence on what appears to be every single person who has a financial transaction in America and compiles it in a single database. Also, according to the bills passed previously in the House and Senate, it allows the Office of Financial Research whose job it is to report to Congress about the health of financial institutions that effect the economy TO USE APPROPRIATED FUNDS TO INVEST. Conflict of interest? It also gives our beloved federal government the ability to seize and breakup any financial company they feel (arbitrarily) is failing. Sounds like tyranny to me.
AND this is the bill where they track every single financial transaction you make including the balances on all of your accounts ranging from checking to retirement to the stock market.
How’s that for regulating Wall Street?
This POS bill MUST be repealed as soon as we flip the Congress in November, (are you listening Sen. DeMint?), and re-written with some common sense, principled values instead of being written to look like they are regulating Wall Street when they are tracking you and allowing ‘Too Big To Fail’ to become a permanent addition to the toolbox that an ever growing Big Government has to strong arm you and your wallet.
If you want more information about how you are about to be completely screwed, go here.
Lawmakers closed in on a final Wall Street reform bill early Friday after Sen. Blanche Lincoln (D-Ark.) agreed to a compromise with moderate House Democrats on her derivatives regulation bill – clearing the way for the broadest rewrite of the nation’s financial regulations since the Great Depression.
A House-Senate conference committee prepared to complete work on a final deal on the bill – which would send it back to both chambers on its way to President Barack Obama’s desk.
The agreement would come after almost 24 straight hours of work in the conference committee, a marathon session that tested the negotiating skills, patience and endurance of several dozen lawmakers tasked with reconciling two competing approaches to reining in Wall Street.
The final piece of the deal fell into place around 3:30 a.m., as Lincoln agreed to limit the reach of new derivatives rules to only the riskiest investments, a move to mollify New York lawmakers and moderate Democrats who feared the original plan would cripple Wall Street.
“All day we’ve been talking to folks, throughout the process, listening to concerns. We feel this still accomplishes our goal and it’s something we can find agreement on in the caucus,” a Lincoln aide said. “But Chairman Lincoln’s position was that she was not going to doing anything to gut the provision and [this compromise] preserves the intent.”
In addition, negotiators agreed to impose the so-called “Volcker rule” that blocks banks from making trades with their own cash – though with a compromise that softened the blow by allowing banks make modest investments in hedge funds and private equity firms.
Republicans howled over another 11th-hour fix – the addition of a new tax on banks and big hedge funds to raise $19 billion to pay for the bill, which the GOP called a dead-of-night levy that proved the bill was a costly government overreach.
Despite the last-minute efforts to soften the bill, the Wall Street reform act was shaping up as a a tougher-than-expected response to the 2008 financial crisis.
The legislation would create a powerful new consumer financial protection bureau, limits the amount of fees debit-card companies can charge merchants, gives the government the power to break up failing financial firms and forces transparency of the $600 trillion derivatives market.
It is designed to prevent banks and other firms from carrying out inordinately risky activity that puts the entire financial system at risk – and gives the federal government new tools to step in if they do anyway, in the hopes of being able to prevent a future crisis.
For Obama, the bill – which the White House hopes to sign before July 4 – would mark the second major legislative victory of his first term, following on the heels of a sweeping health reform measure that passed earlier this year.
Democrats believe the twin bills – creating near-universal health care and cracking down on Wall Street excess – give them a powerful argument to be returned to power in Congress in the fall, as a can-do party and president carrying out historic changes to protect the American people. (emphasis mine)
AYFKM? Does anybody still believe that DC has our best interests at heart? What about the Gulf States?
As soon as the completed bill is posted, I will find it and bring it here. This one is just another reason to boot this Congress ASAP!
In related news, our friends at the Bank of International Settlements in Basil have just pulled the banks over another barrel. They are not going to require banks to have as much liquidity in return for, you guessed it, “a new oversight system”. More arm-twisting.
LONDON — A committee of banking regulators will pare back some of its planned rules to force banks to set aside billions of dollars of extra capital, the Financial Times reported Friday. A draft of the latest proposals from the Basel Committee will be presented at a G20 summit in Toronto this weekend, the report said. It added the most significant change is over the recommendations on the volume of liquid funds that banks should hold. The committee is likely to scrap the proposal that banks should be forced to maintain a “net stable funding ratio” that aligns the maturity of their assets and liabilities, the FT said. Instead that element of the plan could be replaced by a new oversight system, it added.