House passes historic financial rules revamp

Associated Press ^ | 12-11-09

[Justaham]

WASHINGTON - The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine 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.

While a victory for the administration, the legislation dilutes some of President Barack Obama's recommendations, carving out exceptions to some of its toughest provision. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.

The president praised the House action Friday, and called on Congress to act swiftly to get the bill to the White House for his signature.

"The crisis from which we are still recovering was born not only of failure on Wall Street, but also in Washington," Obama said. "We have a responsibility to learn from it and to put in place reforms that will promote sound investment, encourage real competition and innovation and prevent such a crisis from ever happening again. "

The legislation would govern the simplest payday loan and the most complicated high-finance trades. In its breadth, the measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates.

[MNJohnnie]

AP is not even pretending to be anything but the Democrat Party propaganda outlet. Everything they do in Congress these days now gets a “historic” headline!

[Gaffer]

Okay....now the is just about the time when CFOs, CEOs, doctors, workers, mothers, fathers and families should just about have made their minds up to flat-ass ignore the federal government and its goddam rules. If we all do it, they cannot do a damn thing about it.

[remaxagnt]

smoke and mirrors the whole system going to collapse before this will even take place!

[Nachum]

The list, ping

[freedumb2003]

>>Everything they do in Congress these days now gets a “historic” headline!<<

Someone should give the AP a historectomy.

[livius]

Fascism has just arrived.

[GraceG]

No Where in the Article is the Bill Number, just gushing praise for progressive policies. AP is a propaganda wing.

[Freedom'sWorthIt]

Michele Bachman’s report on this HASTILY RUSHED THROUGH UNDER THE RADAR destruction of America bill # whatever....

http://www.freerepublic.com/focus/f-news/2405628/posts

And her call to action re: the Senate - she knew there was no time allowed to take action with the members of House - which those pushing this KNEW and is why it was RUSHED through - since Congress got the bill on Tuesday of THIS WEEK and now today voted on it.

Thank you GOP for every one of you voting against it!

[FlingWingFlyer]

I guess this explains why the commie ‘RAT piggies threw all the American History books out of our “schools”. They needed to make room for all of THEIR commie “history” crap.

[EBH]

Is it HR 4173

H.R.4173
Title: To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.
Sponsor: Rep Frank, Barney [MA-4] (introduced 12/2/2009) Cosponsors (None)
Related Bills: H.RES.956, H.RES.964, H.R.3818

[EBH]

http://clerk.house.gov/evs/2009/index.asp

[Wisconsinlady]

Michelle Bachmann says this is huge and they snuck it through. (again)

[lowbridge]

bump

[American Dream 246]

Please could everybody send that alert to ALL your mailing list and ask your friends to MOVE THEIR BUTT and help teh cause - Beck and Rush and Hannity, PLEASE?

We are LOOSING OUR COUNTRY. 2010 WILL BE TOO LATE!!! WAKE UP!

[American Dream 246]

Another post: http://www.freerepublic.com/focus/news/2405658/posts?page=19

[American Dream 246]

I fear that if this keeps up the peaceful will no longer be peaceful.

Everytime I post something outrageous..which is about every single day, I see this type of line above. May be that comfort you to think that way, knowing well that NOTHING is gonna be done before it is too late?

First they came for the communists, and I did not speak out—because I was not a communist;

Then they came for the socialists, and I did not speak out—because I was not a socialist;

Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist;

Then they came for the Jews, and I did not speak out—because I was not a Jew;

Then they came for me—and there was no one left to speak out for me.

[NorwegianViking]

They always pass the s-—t on Fridays!

[Liberty Valance]

"...legislation would give the government new powers to break up companies that threaten the economy"

You mean like ACORN, SEIU and Al Gore's Climate-change carbon credit cabal?

[Domandred]

This thing was just introduced on Dec 2, 2009 and it’s already passed?

Bill text here

http://www.opencongress.org/bill/111-h4173/text

[glock rocks]

Anybody got a list of the votes?

[Darksheare]

..a revamp that is not needed.
What is needed is to shred, rip, tear, destroy the rules the Clinton era idiots made that forced banks to do subprime loans...

[American Dream 246]

This thing was just introduced on Dec 2, 2009 and it’s already passed?

YES!!! NO TIME LEFT - 2010 WILL BE TOO LATE - WAKE UP!!!

[Cboldt]

House Roll Call vote on Passage of H.R.4173

[glock rocks]

FINAL VOTE RESULTS FOR ROLL CALL 968(Democrats in roman; Republicans in italic; Independents underlined)
      H R 4173      RECORDED VOTE      11-Dec-2009      2:28 PM
      QUESTION:  On Passage
      BILL TITLE: The Wall Street Reform and Consumer Protection Act of 2009

	Ayes	Noes	PRES	NV
Democratic	223	27		7
Republican		175		2
Independent
TOTALS	223	202		9

---- AYES    223 ---

Abercrombie Ackerman Adler (NJ) Altmire Andrews Arcuri Baca Baird Barrow Bean Becerra Berkley Berman Bishop (GA) Bishop (NY) Blumenauer Boccieri Boswell Boyd Brady (PA) Braley (IA) Brown, Corrine Butterfield Capps Capuano Cardoza Carnahan Carney Carson (IN) Castor (FL) Childers Chu Clarke Clay Cleaver Clyburn Cohen Connolly (VA) Conyers Cooper Costa Costello Courtney Crowley Cummings Dahlkemper Davis (AL) Davis (CA) Davis (IL) DeFazio DeGette Delahunt DeLauro Dicks Dingell Doggett Donnelly (IN) Doyle Driehaus Edwards (MD) Ellison Ellsworth Engel Eshoo Etheridge Farr Fattah Filner Foster Frank (MA) Fudge Garamendi Giffords Gonzalez Gordon (TN)

Grayson Green, Al Green, Gene Grijalva Gutierrez Hall (NY) Hare Harman Hastings (FL) Heinrich Herseth Sandlin Higgins Himes Hinchey Hinojosa Hirono Hodes Holden Holt Honda Hoyer Inslee Israel Jackson (IL) Jackson-Lee (TX) Johnson (GA) Johnson, E. B. Kagen Kanjorski Kennedy Kildee Kilpatrick (MI) Kilroy Kind Kissell Klein (FL) Kosmas Kratovil Langevin Larsen (WA) Larson (CT) Lee (CA) Levin Lewis (GA) Lipinski Loebsack Lowey Luján Maffei Maloney Markey (CO) Markey (MA) Marshall Matheson Matsui McCarthy (NY) McCollum McDermott McGovern McMahon McNerney Meek (FL) Meeks (NY) Melancon Michaud Miller (NC) Miller, George Minnick Mollohan Moore (KS) Moore (WI) Murphy (CT) Murphy (NY) Murphy, Patrick Murtha

Nadler (NY) Napolitano Neal (MA) Nye Obey Olver Owens Pallone Pascrell Pastor (AZ) Payne Perlmutter Peters Peterson Pingree (ME) Polis (CO) Pomeroy Price (NC) Quigley Rahall Reyes Richardson Rodriguez Rothman (NJ) Roybal-Allard Ruppersberger Rush Ryan (OH) Salazar Sánchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schauer Schiff Schwartz Scott (GA) Scott (VA) Serrano Sestak Shea-Porter Sherman Shuler Sires Smith (WA) Snyder Speier Spratt Stark Sutton Tanner Thompson (CA) Thompson (MS) Tierney Titus Tonko Towns Tsongas Van Hollen Velázquez Walz Wasserman Schultz Waters Watson Watt Waxman Weiner Welch Wexler Wilson (OH) Woolsey Wu Yarmuth

---- NOES    202 ---

Aderholt Akin Alexander Austria Bachmann Bachus Barrett (SC) Bartlett Barton (TX) Berry Biggert Bilbray Bilirakis Bishop (UT) Blackburn Blunt Boehner Bonner Bono Mack Boozman Boren Boucher Boustany Brady (TX) Bright Broun (GA) Brown (SC) Brown-Waite, Ginny Buchanan Burgess Burton (IN) Buyer Calvert Camp Campbell Cantor Cao Capito Carter Cassidy Castle Chaffetz Chandler Coble Coffman (CO) Cole Conaway Crenshaw Cuellar Culberson Davis (KY) Davis (TN) Deal (GA) Dent Diaz-Balart, L. Diaz-Balart, M. Dreier Duncan Edwards (TX) Ehlers Emerson Fallin Flake Fleming Forbes Fortenberry Foxx Franks (AZ)

Frelinghuysen Gallegly Garrett (NJ) Gerlach Gingrey (GA) Gohmert Goodlatte Granger Graves Griffith Guthrie Hall (TX) Halvorson Harper Hastings (WA) Heller Hensarling Herger Hill Hoekstra Hunter Inglis Issa Jenkins Johnson (IL) Johnson, Sam Jones Jordan (OH) Kaptur King (IA) King (NY) Kingston Kirk Kirkpatrick (AZ) Kline (MN) Kucinich Lamborn Lance Latham LaTourette Latta Lee (NY) Lewis (CA) Linder LoBiondo Lucas Luetkemeyer Lummis Lungren, Daniel E. Mack Manzullo Marchant Massa McCarthy (CA) McCaul McClintock McCotter McHenry McIntyre McKeon McMorris Rodgers Mica Miller (FL) Miller (MI) Miller, Gary Mitchell Moran (KS) Murphy, Tim

Myrick Neugebauer Nunes Olson Ortiz Paul Paulsen Pence Perriello Petri Pitts Platts Poe (TX) Posey Price (GA) Putnam Radanovich Rehberg Reichert Roe (TN) Rogers (AL) Rogers (KY) Rogers (MI) Rohrabacher Rooney Ros-Lehtinen Roskam Ross Royce Ryan (WI) Scalise Schmidt Schock Schrader Sensenbrenner Shadegg Shimkus Shuster Simpson Skelton Smith (NE) Smith (NJ) Smith (TX) Souder Space Stearns Stupak Sullivan Taylor Teague Terry Thompson (PA) Thornberry Tiahrt Tiberi Turner Upton Visclosky Walden Wamp Westmoreland Whitfield Wilson (SC) Wittman Wolf Young (FL)

---- NOT VOTING    9 ---

Baldwin Lofgren, Zoe Lynch

Moran (VA) Oberstar Rangel

Sessions Slaughter Young (AK)

---

[glock rocks]

Thanks!

[Las Vegas Ron]

knowing well that NOTHING is gonna be done before it is too late?

How do you know things aren't happening now?

The last thing people or groups would do is advertise it on the Internet :)

Disclaimer: I have no knowledge of any such actions being planned.

[Kenny]

2010 will be too late, maybe we weren’t so smart tipping our hand for the 2010 elections. Maybe we should have lied to the pollsters.

As is, we have a group in power who know that they will lose in the the 2010 elections so they’re seizing power. First the banks, wasn’t that Hitler’s first move as well?

The only way they can keep their power is to take away ours and they know it.

[sheikdetailfeather]

Commie Susan Kosmos from Florida voted YES I see!

[Redleg Duke]

No big surprise, Nazi Pelosi’s two NH Lap-Poodles, Hodes and Shea-Porter voted to screw the American people...again!

[pabianice]

Only from

[Dubya-M-DeesWent2SyriaStupid!]

The legislation included a new Consumer Financial Protection Agency,an innovation fiercely opposed by banks and some Democrats.

http://www.ft.com/cms/s/0/8d5ef1dc-e68d-11de-98b1-00144feab49a.html

I only heard of a new agency last night.

We need a new gov agency like I need another hole in my head.So Obama will CEO ALL!

Get used to saying heil O B A M A.Keep on saying we will all be saved by _________ in 2010 and 12 as Obama becomes a dictator.

[Dubya-M-DeesWent2SyriaStupid!]

But the battle centred on the CFPA – one of the most prized parts of President Barack Obama’s regulatory overhaul – and the wrangling between Democrats highlighted differences that could return as the Senate considers its equivalent bill over the next few weeks.

“One of the responsibilities of the consumer agency will be to issue rules to prevent the kind of abusive mortgages that had such a contributing role in our crisis,” said Barney Frank, the Democratic chairman of the House financial services committee, who managed the bill.

Like he can't bankrupt our country any further as he has already with the housing crisis. Will his BF be the head of the new company? This is so unbelievable I don't know if I care any more.

[EGPWS]

Fascism has just arrived.

A year ago.

[EGPWS]

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.

And most don't see or even care what is happening.

Fat, dumb, and happy syndrome.

[EGPWS]

The only way they can keep their power is to take away ours and they know it.

Well, at least we know who is working for who...

[glock rocks]

Looks like my money will be set against the reelection of Matheson of Utah. No such thing as a moderate dim any longer, and certainly no longer such a thing as a conservative democrat once Zell retired. Asshats all.

[takenoprisoner]

Won’t it now have to go to the senate?

[M.K. Borders]

Forget it Baron Hill (Indiana 9th). A no vote here does not change the fact your a big spending liberal.

Blue dog my old,wrinkled, white butt.

[bamahead]

Cloward-Piven, right before your eyes.

[Pride in the USA]

We can’t wait until 2010. Look what the dims just sneaked in today. God save America.

[hattend]

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.

How many lawsuits are going to come out of this as unconstitutional?

Has the ACLU become an office in the White House yet?

[hattend]

I don’t see any Pubbie “ayes”

[WVNan]

You mean like ACORN, SEIU and Al Gore's Climate-change carbon credit cabal?

Which brings up the idea that maybe we can persuade some organization to bring suit against those entities if this bill gets passed.

[glock rocks]

True. And far too few rat “nays.” Useful idiots.

[Candor7]

We need regulation of Fannie Mae, Freddie Mac, and HUD.

Leave the banks alone, They would have been regulated if current regulatory laws were enforced. They were not. Thus the problem , Fannie and Freddie lead the banks to affirmative action high risk mortgages which started the problems.

Why do they ignore that fact. Fannie and Freddie are still promoting sub prime mortgages.

[A Navy Vet]

Okay. Just one more Fedgov instrusion on our lives. It won’t end until either the States say enough, or the people rise up in revolt. Things are looking dicey now.

[EBH]

...Unfortunately HR 4173, rather than address the fundamental conflict of interest in the “issuer pays” model, instead sidesteps the issue and gives the Securities and Exchange Commission more authority to mitigate conflicts of interest. The years leading up to the financial crisis, however, taught us some very important lessons regarding the enforcement authority of the SEC: when officials at the Agency operate with a philosophical disagreement with its mission, it does not matter what tools they have; they simply will not use them. In the interest of long-term, systemic reform, HR 4173 should have directly addressed this problem...

...Simply put, too big to fail is too big to exist. Real financial reform would include prohibiting financial institutions from metastasizing to the point where they threaten the whole system. Real reform would also include limits on interconnectedness and risk...

...There is no reform of the government-sponsored enterprises (GSEs) that subjugated the “public good” aspect of their missions to the demands of their investors for higher profits...

...I applaud the efforts of my colleagues Ron Paul and Alan Grayson to include in the bill the authority of the Government Accountability Office to conduct audits of the Federal Reserve, but the financial crisis—and the government’s extraordinary response - taught us monetary policy and regulatory policy must be exclusive. Relying on one entity to conduct both activities so vital to a healthy financial system will inevitably give rise to conflicts of interest. This bill, however, further conflates these policies at the Fed by giving the Fed more regulatory authority...

Some days, some days I really am surprised by this guy. Before you click on the link to see who said these things, consider it came from a democrat. As I read the bill last night and tried to research the related bills etc. one thing bacame very clear to me. They are trying to put everything under the Comptroller of Currency. I did a simplified search for what the Comptroller of Currency is and was unable to find a decent explanation of the person or office. In one of this years legislations passed it actually said the office/person was abolished 90 days after the legislation was enacted! Yet, the position is resurrected in this legislation...with lots more power.

This is very dangerous legislation to a free people and free market.

Oh...who you want the link? Like I said ...some days this guy really shocks me. He almost gets it or almost spills the beans on his collegues. http://www.kucinich.us/index.php

[Cboldt]

-- Won't it now have to go to the senate? --

Yes. Or (less likely, but possible) the Senate can pass something similar rather than take up the House-passed bill.

The requirement for passing Congress is that both chambers, House and Senate, have to pass exactly the same bill language. The route to the same language can be via agreement in the first place, amendment followed by agreement, or conference committee report (also amendable by either or both chambers) followed by agreement.

[MajorThomas]

...and this surprises whom?

anyone?... anyone?...