New Office Of Financial Stability Established By The Fed

This is the beginning bureaucratic implementation of the disastrous Dodd-Frank FinReg Law that needs to be repealed right behind Obamacare.  For those that don’t realize one of the more fascist aspects of this law and the Office of Financial Research, please read Big Brother’s Lock On Your Money Is Complete.

Fed Creates Office To Implement Dodd-Frank Overhaul Law

WASHINGTON (Dow Jones)–The Federal Reserve is creating an office to implement legislation overhauling the U.S. financial regulation system.

The Fed on Thursday announced it established the Office of Financial Stability Policy and Research. J. Nellie Liang, a Fed economist, was named as its director.

The office will bring together economists, banking supervisors, and markets experts to focus on financial stability. It will coordinate Fed staff efforts to identify and analyze potential risks to the financial system and the overall economy.

“The financial stability team will play an important role in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, in our oversight of systemically important financial institutions, and in our overall surveillance of the financial markets and the economy,” Fed Chairman Ben Bernanke said in a news release.

The Dodd-Frank law was passed by Congress last summer, a response to widespread calls for changes in the regulatory system after the U.S. financial crisis erupted.

-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com

From Federal Reserve Board of Governors

Release Date: November 4, 2010

For immediate release

The Federal Reserve Board on Thursday established the Office of Financial Stability Policy and Research and appointed Board economist J. Nellie Liang as its director.

The office will bring together economists, banking supervisors, markets experts, and others in the Federal Reserve who will be dedicated to supporting the Board’s financial stability responsibilities. The office will develop and coordinate staff efforts to identify and analyze potential risks to the financial system and the broader economy, including through the monitoring of asset prices, leverage, financial flows, and other market risk indicators; follow developments at key institutions; and analyze policies to promote financial stability. It will also support the supervision of large financial institutions and the Board’s participation on the Financial Stability Oversight Council.

“The Office of Financial Stability Policy and Research brings together a skilled group of people with a wide range of expertise to focus solely on financial stability,” Federal Reserve Chairman Ben S. Bernanke said. “The financial stability team will play an important role in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, in our oversight of systemically important financial institutions, and in our overall surveillance of the financial markets and the economy. I am pleased that such a strong economist and leader as Nellie is leading this group.”

Liang joined the Board in 1986, acting most recently as a senior associate director in the Division of Research and Statistics. In that role, she has led a group of economists focused on the intersection of economics and finance, including oversight of capital markets, financial institutions, consumer finance, and financial flows. Liang was a key participant in crafting the Federal Reserve’s response to the financial crisis and helped lead the Supervisory Capital Assessment Program, or bank stress tests, which helped increase public confidence in the banking system in 2009. Liang has a Ph.D. in economics from the University of Maryland and an undergraduate degree in economics from the University of Notre Dame.

And just for fun, I found this for you to peruse as I am still digging for information on J. Nellie Liang.  I cannot even find a picture of this person on the Fed’s site.

The Illegal Actions of the Federal Reserve: An Analysis of How the Nation’s Central Bank Has Acted Outside the Law in Responding to the Current Financial Crisis from Chad Emerson and the William & Mary Law School Scholarship Repository.

Financial Regulatory Reform: Add Another Law To The Repeal List!

(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.

Lincoln strikes deal as overnight push to pass Wall St. bill nears close

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…)

Glenn Beck, 5.26.2010: Frankendodd Financial Reform Bill

Glenn Beck, 5.26.2010: Frankendodd Financial Reform Bill

(Editor’s Note: Please open this post in it’s entirety to see the Scribd Doc and the images that pertain to the Office Of Financial Research.)

Sometimes I just feel the need to send a nasty email to Beck to ask him why HE LEAVES IMPORTANT DATA OUT of his segments. Today, he was covering the Frankendodd Financial Reform bill and he left out what I consider to be a very important piece of the puzzle; the Office Of Financial Research (page 65 to 82 of Scribd doc below). This new government agency has a reported $500 Billion dollar a year budget, reports to Congress on the financial health of companies in America by collecting every single bit of data that they can get their paws on. Not only do they report on companies, but they get to use appropriated and assessed funds that are not needed to invest in companies (financial?)… wait…it gets better…and then the profits are ‘not considered government funds’.   How THE FRAK DOES THAT WORK? Does that not sound like insider trading to you, or at least a very big conflict of interest?

For the rest of the background info that Glenn is about to inform you of, go here, here, and here.  For information on the granddaddy of all central banks, start here.

Part 1:

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Big Brother’s Lock On Your Money Is Complete

Big Brother’s Lock On Your Money Is Complete

I wrote about it; I tried to warn people, but after the healthcare fight we just went through, I think most people just wanted a breather from battling the fascists in Washington (to our long-lasting detriment).

Now we have the financial reform bill that includes the new federal agency Office Of Financial Research, and the Bureau of Consumer Protection keeping track of every single financial transaction you could possibly imagine; including your bank balance, and when you walk to the ATM to take cash out.  I wasn’t lying, but I do think I was one of very few writing about it.

The fascists have the banks, the insurance companies, the credit card companies, the car companies, OUR healthcare, and now Americans’ financial transactions.

Senate Democrats Pass Bill Allowing Govt to Collect Addresses, ATM Records of Bank Customers

(CNSNews.com) – Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks, including customers’ addresses and ATM receipts. (emphasis mine)

The Senate voted 59-39 on Thursday to pass the bill – the chief aim of which is to more-heavily regulate the financial industry – sending it to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.

The bill, if it becomes law, will create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.

The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.

*break*

Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.

“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.

“They may be interested in protecting consumers, but they are more interested in managing them,” Shelby said.

Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.

“Mr. President, I have faith in the American people and their ability to make good choices,” said Shelby.  “Granted, we do not always choose well.  But I believe that a poor choice freely made is far superior to a good choice made for me.”

“I am afraid that the architects of this bill do not share this sentiment,” he said. “Nor do they share my faith in the American people.”

Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.

“This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people,” said the senator.

Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.

As it reads: “[T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.”

Meanwhile, depending on the conference version of this bill, you may be able to fund a new federal agency that takes idle appropriations, invests them, and keeps the profits.  Those profits are ‘not considered the government’s property’. I am still trying to ascertain who that money actually belongs to because it is not yours anymore.

4.15.2010

Obama Turns Financial Reform Into A Political Fight

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.”

The above quotes are from Chris Dodd’s markup draft. I went to the actual amended bill (Amendment No. 3739 of Bill S. 3217) that was passed and found the pertinent information starting on page 62, with the investment and non-governmental monies section on page 78. It’s still in there.

At this point, the underground economy is about to get a bit larger.

UPDATE: More information on the Office Of Financial Research, here.

Three Republicans Vote For Cloture On The Senate Financial Bill (UPDATED: Video)

Three Republicans Vote For Cloture On The Senate Financial Bill (UPDATED: Video)

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.

Senate Clears Way for Final Vote on Financial Bill

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.”

“Shall not be construed to be Government Funds…”. Whose money is it then?

Senator Tom Coburn with Neil Cavuto:

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