(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.
LISTEN UP!
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.
YOU!
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This POS bill MUST be repealed as soon as we flip the Congress in November, (are you listening Sen.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.
(more…)
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It is not like we did not see it coming. We all knew that Barney’s 1,279 page POS was going to pass. Now is the time to make sure that any semblance of this bill does not pass in the Senate with it’s additional layers of government, arbitrary decision making about companies’ health, and a seat at the table for community organizers like ACORN.
This bill is another 180 degree swinging pendulum away from logic or reality. I am all for regulation and reform of the financial industry, but putting financial institutions in a straight jacket AND allowing community organizations who know nothing about creating small businesses, jobs, or wealth, a seat at the table is not going to help this economy.
House Passes Financial Overhaul Bill
WASHINGTON — The House has passed a sweeping overhaul of financial regulations that would govern Wall Street and reconfigure the power of the agencies overseeing the nation’s banking system. The vote was 223-202.
The legislation is a priority of President Barack Obama’s. It is designed to address the shortfalls that led to last year’s calamitous financial meltdown.
New powers would give the federal government the right to break up big risky companies. It also would create a consumer agency to police lenders.
Mr. Obama didn’t get everything he wanted. The legislation diluted some of his administration proposals. The legislative activity now moves to the Senate, which is not expected to act on a regulation bill until early next year.
Before the final vote Friday, House members rejected by a vote 223-208 an amendment that would have killed a proposed Consumer Financial Protection Agency. The agency would consolidate consumer lending regulations and enforcement that is now split among several banking regulators.
A bipartisan coalition had proposed keeping the consumer powers within each regulator and creating an oversight council. The U.S. Chamber of Commerce lobbied heavily to kill the agency and ran national television ads against it. Consumer groups said it was essential to the overall regulatory package.
In a separate vote Friday, Democratic leaders failed to revive legislation that would let bankruptcy judges rewrite mortgages to lower homeowners’ monthly payments. The measure was rejected by a 241-188 . (How did that happen?)
House Passes Far-Reaching Bill Tightening Financial Rules
The bill’s principal provisions establish a process for dismantling large, failing financial institutions; set up a council to identify and regulate firms that are so big, interconnected or risky that they need heightened supervision to keep them from bringing down the whole financial system; create a new consumer financial-protection agency to squelch unfair and abusive practices; and for the first time, regulate over-the-counter derivatives markets. The bill also contains provisions on executive pay, investor protection, credit ratings, hedge funds and insurance.
“How many new government agencies are necessary to accomplish this task?” asked Representative Dan Boren, Democrat of Oklahoma.
The argument in the House centered on the Democratic plan that would assess large financial companies a fee to create a $150 billion fund to cover the costs of dissolving companies that pose a threat to the economy. Democrats said the fund would not be used to keep companies afloat but would lead to a more orderly shutdown of businesses.
Republicans, trying to capitalize on public frustration with financial bailouts, said that failing firms should instead go through normal bankruptcy proceedings.
“If bankruptcy is good enough for American citizens, if it is good enough for small businesses, if it is good enough for 99.9 percent of American corporations, it ought to be good for the largest, ‘too-big-to-fail’ institutions,” Representative Spencer Bachus of Alabama, senior Republican on the Financial Services Committee, said.
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Michelle Bachman is not lying. It’s in there, it’s now 1,279 pages, and this particular amendment is coming from one of the worst offenders in the financial meltdown – Maxine Waters.
Bachmann: ACORN could regulate the financial sector
The embattled community group ACORN could help regulate the financial services industry under new financial regulatory reforms, said Rep. Michele Bachmann (R-Minn.) on Wednesday.
Bachmann, a consistent opponent of ACORN (Association of Community Organizations for Reform Now), said that an amendment given in the House Financial Services Committee could allow the group to sit on an advisory panel that monitors the regulations.
“ACORN may have a seat at the table being on the oversight committee regulating the financial services industry of the United States,” Bachmann said at a press conference. “And that would be a cruel joke.”
Bachmann’s remarks come as House Financial Services Committee chairman Barney Frank’s (D-Mass.) regulatory reform bill is set to be brought to a floor vote this week.
The amendment offered by Rep. Maxine Waters (D-Calif.) created Consumer Financial Protection Oversight Board that would need to include five members from the “fields of consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve under-served communities or representatives of communities that have been significantly impacted by higher-priced mortgage loans.”
The panel does not have the power to create policy but can recommend policies to the director of the Consumer Financial Protection Agency.
Bachmann argued that this provision could allow ACORN to participate on the board. ACORN was temporarily stripped of its federal funding by Congress in September after two conservative activists posing as a pimp and prostitute filmed ACORN employees offering them financial advice.
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ALWAYS GET TAPE!
An email from Barney:
Friend —
The extremists who control the Republican Party have engaged in one of the most implausible masquerades in history by trying to identify themselves with the American Colonials who revolted against British rule.
In fact, as I prepare to go to the floor of the House this week to defend a package of tough financial reforms and consumer and investor protections, I confront a hostile, virtually unanimous Republican Party, which has a major characteristic in common with a different set of eighteenth century figures – the kings of France. When the French monarchy was restored to power in the 19th century, it was said that “The Bourbons have forgotten nothing because they learned nothing.”
Current House Republicans now oppose financial regulation because they have learned nothing from the current economic crisis.
It is time to stand up against them and we need your help now.
Put Main Street First: Contribute Today
The Republicans have opposed virtually every proposal we have put forward to prevent another financial meltdown. They have fought bitterly against the establishment of a consumer financial protection agency; they have blocked efforts to restrict executive compensation; they are against regulation of derivatives, and they have opposed efforts to restrain predatory lending.
But their opposition to any serious financial regulation has some substantial benefits to Republicans in the form of campaign contributions from institutions which want to be able to continue their financial manipulations unimpeded.
I ask your financial support for the Democratic Congressional Campaign Committee, so that Members who vote in favor of tough financial regulation will know that we will stand with them when they are attacked by candidates backed by powerful defenders of the status quo.
Please consider contributing $5, $10 or more today to the DCCC’s Main Street Democratic Fund to help support Democrats who put Main Street first. Your gift will be matched by House Democrats 2-to-1.
There is so much at stake. The time to help is now.
Thank you,
Barney Frank
This coming from the guy that said Fannie and Freddie were fine, and who was one of the people that gave us the expanded Community Reinvestment Act which forced the banks to give ninja loans to people without jobs. I am glad to know that we are now extremists and even though not registered as republicans, we must therefore be republicans because we espouse the founders’ rules.
Barney Frank’s financial regulatory reform is just another plank in the Cloward-Piven Strategy.
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