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the House on Friday passed the most ambitious restructuring of financial regulation since the New Deal.
The sprawling legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to oversee consumer banking transactions and shines a light into shadow financial markets that have escaped the oversight of regulators.
The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it
Consumer advocates cheered the survival of the consumer protection agency but said the overall legislation fell short, especially in the regulation of complex investment instruments known as derivatives.
When the Obama administration first proposed a package, it called for regulations of derivatives without any exceptions. But a potent lobbying coalition that included Boeing Co., Caterpillar Inc., General Electric Co., Coca-Cola and other big companies persuaded lawmakers to dilute the restrictions. "It's a weakness in the bill and a win for Wall Street," said Barbara Roper, director of investor protection for the Consumer Federation of America. "Hedge funds and others that are not bona fide hedgers of commercial risk will slip through this language." The bill would create a Financial Services Oversight Council made up of the Treasury secretary, Federal Reserve chairman and heads of regulatory agencies to monitor the financial markets for potential threats to nation's system.
The sprawling legislation would give the government new powers to break up companies that threaten the economy,
The government could dismantle even healthy firms if they were considered a grave risk to the economy.
Large firms with assets of more than $50 billion, and hedge funds with at least $10 billion in assets, would pay into a $150 billion resolution fund that would cover the costs of dismantling such a company.
The Federal Reserve, criticized for not spotting last year's crisis, would lose power in the legislation.
The bill would create a Financial Services Oversight Council made up of the Treasury secretary, Federal Reserve chairman and heads of regulatory agencies to monitor the financial markets for potential threats to nation's system.
Get ready people they're drunk on power now, they aren't even attempting to hide their intentions anymore they're doin it right out in the open.
"The investment community feels very put-upon," Fass explained. "They feel there is no reason why they shouldn't earn $1 million to $200 million a year, and they don't want to be held responsible for the global financial meltdown." Which makes sense. S--t, who could blame the investment community for the meltdown? What kind of a--holes are we to put any of this on them?
This is the kind of person who is working for the Obama administration, which makes it unsurprising that we're getting no real reform of the finance industry. There's no other way to say it: Barack Obama, a once-in-a-generation political talent whose graceful conquest of America's racial dragons en route to the White House inspired the entire world, has for some reason allowed his presidency to be hijacked by sniveling, low-rent s--theads. Instead of reining in Wall Street, Obama has allowed himself to be seduced by it, leaving even his erstwhile campaign adviser, ex-Fed chief Paul Volcker, concerned about a "moral hazard" creeping over his administration.
I did find the current Bill H.R.4173 The Wall Street Reform and Consumer Protection Act of 2009 (Introduced in House) I was going to randomly click a few links in the table of contents but just looking at that table gave me a headache
And at someones determination (Geithner-Bernanke) unfunded, unsupported and worthless Derivatives/Swaps/etc can be 'Paid' at 100% If the issuer goes bankrupt but the buyer (GS) is most-favored by the Commanders (FED/Treas) of this new financial Landscape.