Mitch McConnell on Dodd’s 1336 page financial reform bill. As you may have already guessed, the Monster is totally against the Frank version and this version because it gives the government too much control over our money coming and going. The keywords here? Fannie and Freddie. Als0, the arbitrary decision making should make all Americans uneasy.
For weeks, the White House strategy on financial regulatory reform remained an open question: Would President Barack Obama water down his bill just to get something passed — the way he did on health care?
A Palinesque “Hell no!” was the answer coming from the White House on Wednesday as the president, his senior aides and his allies on Capitol Hill issued an ultimatum to Republicans fighting Democrats’ plans to overhaul financial oversight.
“For the president, you have to be willing to accept a strong bill,” said White House press secretary Robert Gibbs, after Obama emerged from a contentious meeting with GOP congressional leaders.
“If the effort to get this close is simply to take steps to weaken that legislation, that’s not what the president is interested in.”
Democrats are so emboldened that Senate Majority Leader Harry Reid (D-Nev.) is prepared to bring the Banking Committee bill to the floor with no major concessions to Republicans and essentially dare them to vote against the measure, senior leadership aides said.
At a time when Wall Street is as reviled as government, Democrats are willing to gamble that at least one Republican — and maybe as many as a half-dozen — will break ranks. At the same time, Senate Republican leader Mitch McConnell is betting he can hold his caucus together to deny Democrats even a single vote.
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.”
“Shall not be construed to be Government Funds…”. Whose money is it then?
The left’s march to ‘fundamentally transform’ America proceeds with Dodd’s 1,336 financial overhaul bill which just passed the Senate Banking Panel, 13-10. When this bill is combined with health care (which is really just a revenue stream for the government to stay afloat a bit longer), amnesty (to ensure Obama’s re-election), cap and trade (to impoverish the American people), and whatever else Bahana C. Obama has in mind (add you own dictate), the transformation/takeover of America will be complete. The PDF of the 1,336 pages can be found here, and the summary can be found here.
March 22 (Bloomberg) — The Senate Banking Committee passed Senator Christopher Dodd’s plan for overhauling U.S. financial- industry rules without considering amendments, setting the stage for a floor fight on the measure after bipartisan talks failed.
The committee voted by 13-10 to approve legislation offered last week by Dodd, the Connecticut Democrat who leads the panel. Opposition by the committee’s 10 Republicans, who declined to offer amendments to Dodd’s measure, could jeopardize the bill’s chances on the Senate floor.
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.
Another rule would ban bank officers from sitting on the New York Fed’s board, meaning that Jamie Dimon, chief executive of JPMorgan Chase, would probably have to leave the board.
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.
Chris Dodd being interviewed on CNBC about his retirement, the financial crisis, and healthcare. Do not believe this guy when he says that healthcare is hanging by a thread, and then wonder about his judgement when it comes to the final quote.
Health care reform is “hanging on by a thread,” and one or two votes could determine the outcome of the heavily-debated bill, Democratic Sen. Chris Dodd told CNBC Monday.
“Everyone feels, I guess, to some degree who have been for this, that they would have liked something different, and that’s not uncommon when you’re considering an issue of this magnitude,” Dodd said.
AYFKM? How can this guy keep the two ideas of Ben Bernanke being nominated, and banks’ compensation being kept private at the same time?
Dodd also said he thinks it would be a “travesty” not to confirm Federal Reserve Chairman Ben Bernanke’s nomination, and that in the absence of taxpayer money, the government should have no say in banks’ compensation practices.
Sen. Chris Dodd (D-Conn.) plans to announce Wednesday that he will retire from the Senate at the end of the year, capping a 30-year career where he rose to be one of the most influential members and held some of the most powerful positions in the upper chamber, several Democratic sources told POLITICO Tuesday night.
Dodd’s decision to forgo a bid for a sixth term paves the way for a more popular Democrat to run, most likely the state’s Attorney General Richard Blumenthal, who has his eye on a Senate seat. And that is good news for Democrats who were hit with the stunning announcement Tuesday that Sen. Byron Dorgan would not run for reelection in North Dakota, likely giving the GOP an advantage for his seat.
History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. – James Madison
Now it’s the government’s turn – but this ain’t your founding fathers’ government. – The Monster
So what’s up with Barney Frank’s, “let’s kill off private enterprise especially in the area of financial institutions” freight train. What happened to “we are trying on every front to increase the role of government” mantra? What happened to the “shareholders will be wiped out” with a look of glee in his eye? Anybody want to comment on the possible reasons behind Barney slowing down legislation to control the financial sector in new and less productive ways, or are these going to be a series of bills that are voted on in the dead of night on Christmas Eve?
Is there something more important that Barney really needs to attend to? I wonder what that could be?
Now granted, I can use the extra time to finish reading Barney’s Financial Stability Discussion Draft ,which has gone from 253 pages to 379, with all those un-American and anti-capitalist goodies in it, but I am still darn curious as to what is slowing down ‘ol marxy.
Rep. Barney Frank (D-Mass.) on Tuesday said the House would vote on a wide-ranging financial overhaul no earlier than the first week in December.
Frank, the chairman of the House Financial Services Committee, said that as part of the overhaul he is pursuing policies that would grant the federal government broad powers to break up large, troubled financial institutions and would curb the Federal Reserve’s power to prop up specific firms.
The Senate has yet to mark up any of the legislation, and most analysts predict that Congress will not send the president a bill to sign until 2010.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) is drafting legislation behind the scenes, and an administration official said on Tuesday that the Senate is not far behind the pace set in the House. Dodd publicly has taken several positions that differ from the administration and Frank, most notably that he is in favor of the consolidation of the nation’s four banking regulators. The administration official said the Dodd language under discussion is an encouraging start.
Frank is currently weighing one of the thorniest aspects of the overhaul, a measure that would give the government new powers to regulate systemic risk and break up failing financial institutions that threaten the wider economy.
Treasury Secretary Timothy Geithner has said that “resolution authority” is one of the most important pieces of the overhaul. That paired with legislation that creates a new “systemic risk council” will be considered in markups that will likely last until the end of November, Frank said.
Referring to the 1930s-era Glass-Steagall Act, which prohibited banks from doing both commercial and investment bank business, Frank said he could see the new systemic risk regulator imposing “Glass-Steagall institution by institution.”
The Federal Reserve is designated in the legislation as the main regulator to oversee large, systemically important financial firms.
That would allow the government to break up institutions and reduce them by size or other measures. “The systemic risk regulator, I believe, will be given explicit mandates to step in when there is a troubled institution,” Frank said.
Separately, Frank struck a tough tone on the scope and power of the Federal Reserve. Throughout the crisis, the central bank relied on legislation dating back to the 1930s granting broad powers to the bank in “unusual and exigent” circumstances.
Once again, what you see and what you get a two completely different animals. I will explain it all in the upcoming post about the FSIA.
If you would like to see all the drafts for just financial regulatory reform that Barney is working on right now, go here.
Are you just sick to death of this clueless pretender that had 143 days in the Senate before he left his desk and started running all over God’s green earth to get the job that he is currently failing miserably at? Are ya? How do we stop any and all future legislation from this bozo and his fascist friends until we can flip the whole congress in 2010, and then send him packing in 2012?
Oh yeah, we have a so-called president telling the American people to shut up not realizing that he should really be telling his own party to shut up. Unfortunately for us, we are the ones who are going to have to clean up this marketed and teleprompted resident’s messes. Those of us that have not completely lost our jobs are having to put aside our lives and our families to stop the madness of the very people that started the economic meltdown to begin in.
“But I don’t want the folks who created the mess to do a lot of talking. I want them to get out of the way so we can clean up the mess. I don’t mind cleaning up after them, but don’t do a lot of talking. Am I wrong Virginia?”