Posted on 03/15/2010 11:31:11 AM PDT by b4its2late
WASHINGTON — Senate Democrats, with the backing of the Obama administration, took a big step forward on Monday toward adopting the most sweeping overhaul of financial regulations since the Depression, calling on Republicans to join them to adopt the measure in the thick of an election year.
Exactly 18 months since Lehman Brothers filed for bankruptcy, setting in motion a financial crisis that required a federal bailout of unprecedented scope, the chairman of the Senate Banking Committee laid out a bill that aims to ensure stability for the financial system; close regulatory loopholes that had allowed excessive risk-taking; and protect consumers from the kinds of abusive loans that brought down the housing market.
The bill would enshrine Washington’s role in policing Wall Street, creating a nine-member council, led by the Treasury secretary, to detect systemic risks to the markets and placing the Federal Reserve in charge of all of the nation’s largest and most interconnected financial institutions.
(Excerpt) Read more at nytimes.com ...
He should be doing it from behind bars at a federal penitentary.
Every single one of us needs to drop what we are doing and head outside and go towards Washington. EVERYONE. Convoy... stack the roads, signs, stop this madness NOW.
More good ideas from those that gave us CRA. Thank you sir, may I have another?
He’s just adding more bureaucracy, when too much bureaucracy was the problem. We need to streamline financial regulation, not jumble it up more.
Wow - and the gov’t did such a bang-up job regulating the industry up to this point. ha ha ha, that is so funny.
I just started reading No One Would Listen - overhauling for the sake of overhauling with the same people in place that sat by while so many shenanigans were taking place will not solve anything.
there are pleny of rules and regulations in place that seem to be ignored - enforce the current rules or remove legislation/regs, etc that are just going to be ignored anyway.
Yes he should. Agreed. Or at least have his sweetheart loan corrected, paying what he should have paid in interest and a fine for taking the deal in the first place.
other than keeping lots of DC staffers fat and happy on $90K salaries with rich benes, I don’t see what this would accomplish
Don’t forgetabout 90% of Lehman’s contributions went to dems.
Not much support from either side, apparently.
We can start by jailing his n’Bawny’s ....
Sounds good to me.
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