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. This legislation also has the Waters amendment that gives community organizations (like ACORN) a seat at the table. Barney and his cronies will tout this as a great bill because it contains the auditing of the Federal Reserve in it. They also have the authority to dissolve companies it so chooses. http://logisticsmonster.com/2009/12/11/michele-bachmann-on-barney-franks-financial-reform-legislation/ The bill (H.R. 4173) would reform financial services regulation and create a Federal Insurance Office, a Consumer Financial Protection Agency (CFPA) and Financial Stability Council. WASHINGTON, Dec. 10 /PRNewswire-USNewswire/ — As the House debates the Wall Street Reform and Consumer Protection Act of 2009 this week, the lending industry continues to fight a mortgage modification provision that would allow bankruptcy judges to adjust the terms of mortgages to help struggling families as part of a broader effort to stem the worsening foreclosure crisis. See our earlier post: Barney says Death Panels for Financials–(He will do his best to destroy our way of government) First- Freddie and Fannie– now—–https://bunkerville.wordpress.com/2009/10/27/barney-frank-says-death-panels-for-financial-insitutions/ Here is one for us to keep an eye on. Looks like another agency in the making. Barney Frank and Henry Waxman are up to their eyeballs in it. Somehow the idea of a Government agency complete with a new Czar, doesn’t have much appeal. Not much news out there yet on this. Of course the MSM will let us know when its a done deal. The devil will be in the details, buried in 1000 pages. Michelle Bachmann on the case– call Congress! UPDATE: Dec 11 Does calling Congress actually work? Bachmann says it absolutely does. She also encourages people to call their Representatives today to at least try to stop this bill, but like Bachmann, I think the chances of stopping it there are negligible, especially since Nancy Pelosi and Barney Frank have a 75-seat majority and the bill has flown under the radar during the health-care debate in the Senate. It will be tough to stop in the upper chamber, but not impossible. We just need to get this on our radar screen quickly and start perusing its 1300 pages more than members of Congress did before having it crammed down their throats. UPDATE:12/8 Whenever Barney Frank drops out of the news, it means he is feverishly at work on something – usually something that smells bad – like his latest proposal: Foreign Exchange “…currency derivatives would not be exempt from proposed US rules that would require all derivatives trades to be processed through a centralised clearing system.” [Financial Times] P-U!
Mr Frank’s move came as policymakers are debating the detail of legislative proposals designed to increase transparency and reduce risk in the vast over-the-counter derivatives market. While the proposals are not final, the U-turn on his previous stance has stunned the FX market.
Bankers have been lobbying hard to steer lawmakers away from forcing currency swaps and forwards on to clearing platforms. They fear it will introduce new systemic risk into the financial system and impose heavy costs on companies that trade internationally. Some fear it could drive currency trading offshore. [Financial Times
Hat tip goes to On My Watch- Writings of Sam Henry http://samandimp.wordpress.com/2009/12/08/barney-frank-cant-stop-tinkering-with-money-and-markets/
This is comprehensive legislation to overhaul regulations in the financial sector. It would establish a new Consumer Financial Protection Agency to regulate products like home mortgages, car loans and credit cards. It would also give the Treasury Department new authority to place non-bank financial firms, like insurance companies (i.e. A.I.G.) into receivership and require them to downsize if they are considered too big or interconnected to fail. The over-the-counter derivatives market would also be regulated for the first time ever under the bill. Note: The last time congress got involved with reform, credit card companies upped the interest rate, and lowered credit lines.