Why don't we just go to a one world currency, and make everything electronic. We don't need those antiquated ATM cards either. Just tatoo your scanning number on your right hand or forehead.
Posted on 10/30/2006 3:24:38 AM PST by SkyPilot
Financial regulators on both sides of the Atlantic may not be able to resolve policy disputes through co-operation and the creation of a global regulator should be considered, according to Barney Frank, the senior Democratic congressman.
The views of the man widely expected take over the chair of the House financial services committee if the Democrats retake the chamber stand in stark contrast to those of the Securities and Exchange Commission, the financial regulator that the committee oversees.
Christopher Cox, chairman of the SEC, has been at pains in recent months to highlight stepped-up co-operation with foreign regulators such as the UK’s Financial Services Authority.
This co-operation is seen as necessary as exchanges consolidate beyond regional borders, moves highlighted by the proposed New York Stock Exchange merger with Euronext.
“Doesn’t that sound like fun,” Mr Frank said of such co-operation. “Joint action is theoretically [good] but what does that mean? In American baseball, if the runner and the ball arrive at the base at the same time, the tie goes to the fielder. Who breaks a tie if there is a disagreement over policy between the SEC and FSA?”
Asked if a supra-national regulator would be needed, he told the Financial Times: “I don’t know. At this point that’s something to look into.”
He also dismissed fears in Europe about the prospect of tough Sarbanes-Oxley compliance laws moving beyond the US.
Mr Frank is the senior Democrat on the House financial services committee, and is poised to take over the chairmanship from Michael Oxley, the Republican co-author of Sarbox who is retiring.
He said the idea that Sarbox could be more widely applied abroad was “not going to happen” because it was being watered down in the US.
Business and financial leaders in Europe continue to fret about the possibility that Sarbox could find its way to the UK and elsewhere through the back door, such as if a stock exchange in the US acquired one in the UK.
Asked if Europeans were justified of such concerns, Mr Frank said: “It’s not going any further. Six months from now it will be less of a burden for companies than it is today.” His view reflects a belief in Washington that Sarbox should not be changed through Congress.
Instead, the two regulators responsible for overseeing how it is implemented – the SEC and Public Company Accounting Oversight Board, the accounting watchdog – should clarify how sections of the law should be implemented.
Business fury at Sox is focused on Section 404, requiring CEOs to regularly evaluate a company’s internal controls and to have these checked by external auditors. Critics have also hit at guidance from the PCAOB on whether such internal controls and evaluations are adequate, saying it has been needlessly aggressive. Both agencies are in December expected to unveil fresh guidance on Section 404 of Accounting Standard No. 2 guidance. Mr Frank said: “They have the authority to thin out what is required. We think the accountants probably overloaded on the audit requirements.”
Why don't we just go to a one world currency, and make everything electronic. We don't need those antiquated ATM cards either. Just tatoo your scanning number on your right hand or forehead.
The first thing "he" has to do is change the name of the position to "chairpersonship", to accommodate his faggot heritage....removing the "man" from the title.....
"You did get a nice, lively gerbil like I told you, didn't you?"
Apparently from the picture, Barney has an idea of a better place to tattoo that scanning number. Here he demonstrates how male grocers would scan cute customers' "Butt Cards".
So the man who ran a gay prostitution ring out of his home is now one step away... Oh my.
The best the Democrats have too offer?
Sickening!
Global regulator...
After that, plant microchips under everyone's skin.
The Democrats make Satan proud.
guess he will have to bone up on his diplomacy....other wise he will be in a pickle(or visa versa).
To think of Barney suckadck Frank in any position of importance is shameful.
To think he even retained his "seat" in Congress, after the prostitution ring run out of his apartment shows what the Democrat Party represents in terms of principle, morality, and that ANYONE can retain a high level security clearance with such a low threshold of right and wrong tells it all.
Yup.
"To think he even retained his "seat" in Congress, after the prostitution ring run out of his apartment shows what the Democrat Party represents in terms of principle, morality, and that ANYONE can retain a high level security clearance with such a low threshold of right and wrong tells it all."
Yep...the ABnormal Dummiecrat Party. Sickening.
Then Pelosi has the balls to jump on Foley.
Its amazing isnt it?
Barney's not even the worst of it. If the Dems win control of the House, the Housing and Community Opportunity Subcommittee will be chaired by Maxine Waters!
They're right of course.
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