Posted on 11/10/2009 1:40:47 PM PST by NormsRevenge
WASHINGTON (Reuters) – The U.S. Senate's top banking legislator proposed ambitious financial regulation reforms on Tuesday, leaping beyond earlier proposals to tighten bank regulation, protect consumers and police systemic risk.
In the 1,136-page bill, Senate Banking Committee Chairman Christopher Dodd called for creating three new government agencies, regulating over-the-counter derivatives, and cracking down on hedge funds, credit rating agencies and executive pay.
Flanked by eight other Democratic senators at a news conference, Dodd said he is targeting the first week of December for his committee to work on the measure.
It raises the stakes in a debate under way for months now in Washington over how to bring the government's antiquated regulatory system into the 21st century and prevent a repeat of the capital market crisis that last year brought the world financial system to the brink of disaster.
The late 2008 collapse of former Wall Street giant Lehman Brothers and massive taxpayer bailouts of mega-firms such as AIG and Citigroup angered voters, driving lawmakers toward reforms that have taken shape only slowly.
"The financial crisis exposed a financial regulatory structure ... unable to prevent threats to our economic security," ..
"This proposal will create a new architecture to make our financial institutions more transparent, more responsible, and more accountable," said Dodd, whose difficult re-election race in Connecticut means he needs to look tough on Wall Street.
The bill was expected to win little or no support from Republicans, setting the stage for still more debate ahead, with analysts expecting no final Senate action until 2010.
The size, complexity and controversy of the Dodd bill mean "it is unlikely that the bill will be passed by the Senate before the end of the year," said policy analyst Brian Gardner at investment firm Keefe Bruyette & Woods.
(Excerpt) Read more at news.yahoo.com ...
US Constitution: “All spending Bills must originate in the House...”
It is a darned good thing that Reuters has such big ears. That is the only thing preventing the entire organization from disappearing up Dodd’s behind!
the problem offering the solution
THREE NEW GOVERNMENT AGENCIES???????????
Butt out Dodd, haven’t you caused enough damage to the economy????
dolt is not smart enough to hire janitors to clean the senate toilets, let alone anything like this.
A “bold financial plan” to Dodd is an interest-free loan from one of his donors...
The crisis also exposed, once again, what a complete farse the US Congress is.
Well, here we go again. Dodd and Frank caused this mess, but let's not discuss that! Let's focus on the need for reform! They're fit, they're rested, and they're ready to solve the problem!
Two things jumped out at me as I read this fish wrap of a “news” article:
1) Dodd writing legislation on how to fix problems with the financial markets is like asking a fox to write instructions on how to secure the chicken coop.
2) Can’t these ‘rats write legislation that weighs less than the prize pig at the Iowa State Fair?
We must yet storm the walls. We must regain our place in this republic. We must not suffer this enslaving tyranny another week. We must not fail to act.
“Here’s legislation to stop me from doing this again if you just re-elect me.”
The rats sheer gall.
Hey Dodd! Swim to Cuba!
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