Posted on 03/15/2010 3:17:16 PM PDT by La Enchiladita
WASHINGTON—Senate legislation aimed at overhauling regulation of finance would cost large banks billions of dollars, prevent them from taking certain risks and create a new regulatory infrastructure to oversee their activities.
The draft bill introduced Monday by Senate Banking Chairman Sen. Christopher Dodd of Connecticut is tougher on financial companies than was expected just a few weeks ago.
Mr. Dodd's bill would allow the Fed to examine any bank-holding company with more than $50 billion in assets, and large financial companies that aren't banks could be lassoed into the Fed's supervisory orbit.
One of the most controversial aspects of the plan would see the creation of an entity within the Fed responsible for protecting consumers' financial interests, such as credit cards and mortgages. The unit would be independent within the central bank and would have its own budget and rule-making authority.
(Excerpt) Read more at online.wsj.com ...
Among the most expensive parts of the overhaul for the largest financial firms would be contributions to a $50 billion fund to pay for future financial collapses and significantly increased capital requirements.
The bill would implement a form of the so-called Volcker Rule that would put in place restrictions on large banks trading using their own capital. They would also be limited from investing in or sponsoring hedge funds or private-equity funds. It would give discretion to regulators to enforce these restrictions on a case-by-case basis.
...In other highlights, under the proposed legislation the government would have power to seize and dismantle failing financial companies; complex financial instruments such as derivatives would face more scrutiny; shareholders would have more say in the way publicly traded companies operate; and the government would have more tools to force banks to reduce their risk.
The biggest winner in Mr. Dodd's bill appears to be the central bank. It would police previously unregulated sectors of the economy and would have a new division to write consumer-protection policy. The biggest losers appear to be large financial companies, who would face a muscular, centralized regulatory architecture for perhaps the first time in U.S. history.
Moving quickly, overwhelming: that's the strategy for re-shaping the America we have known and loved. The Ides of March is upon us.
Just what we need — more federal regulation on everything (insurance companies are already regulated at the state level by the way).
I understand the bill will also give the President the power to appoint the head of the New York Federal Reserve.
The Question is Why?
Top recipients of money from Freddie Mac, AIG, etc.
Freddie Mac: Recipients
Senate Dodd, Christopher J $28,800
Senate Obama, Barack $21,450
Senate Clinton, Hillary $17,600
House Bachus, Spencer $11,500
House Bean, Melissa $11,249
Senate McCain, John $9,500
Senate Alexander, Lamar $9,000
Senate Bennett, Robert F $8,999
House Davis, Tom $8,999
House Boehner, John $8,000
House Pelosi, Nancy $7,500
Senate Reid, Harry $7,500
House Cantor, Eric $7,000
Presidential Romney, Mitt $6,050
House Frank, Barney $5,500
Senate Johanns, Michael O $5,490
Senate Warner, Mark $5,050
Senate Bond, Christopher S ‘Kit’ $5,000
Senate Durbin, Dick $5,000
Senate Lott, Trent $5,000
American International Group: Recipients
Senate Dodd, Christopher J $104,300
Senate Obama, Barack $71,761
Senate McCain, John $41,699
Senate Clinton, Hillary $41,431
Senate Baucus, Max $24,750
Senate Biden, Joseph R Jr $19,975
Presidential Romney, Mitt $19,950
Senate Sununu, John E $16,200
House Larson, John B $14,500
Presidential Giuliani, Rudolph W $13,200
House Kanjorski, Paul E $12,000
Senate Durbin, Dick $11,000
House Perlmutter, Edwin G $10,500
House Rangel, Charles B $9,000
Presidential Edwards, John $7,850
Senate Corker, Bob $7,650
House Smith, Chris $6,900
House Neal, Richard E $6,500
Senate Rockefeller, Jay $6,500
Senate Reed, Jack $6,000
Goldman Sachs: Recipients
Senate Obama, Barack $691,930
Senate Clinton, Hillary $468,200
Presidential Romney, Mitt $229,675
Senate McCain, John $208,395
House Himes, Jim $114,748
Presidential Giuliani, Rudolph W $111,750
Senate Dodd, Christopher J $105,400
Presidential Edwards, John $66,450
Senate Specter, Arlen $47,600
House Emanuel, Rahm $32,950
Senate Reed, Jack $30,100
Senate Sununu, John E $29,900
Senate Baucus, Max $26,000
Senate Warner, Mark $25,900
Senate Harkin, Tom $24,580
Senate Lautenberg, Frank R $23,300
House Skelly, Michael Peter $22,657
Senate Collins, Susan M $21,400
Senate Landrieu, Mary L $20,700
Senate Durbin, Dick $19,800
Citigroup Inc: Recipients
Senate Obama, Barack $420,912
Senate Clinton, Hillary $417,517
Senate McCain, John $274,401
Presidential Romney, Mitt $168,55
0 Senate Dodd, Christopher J $155,444
Presidential Giuliani, Rudolph W $151,100
House Rangel, Charles B $61,450
Presidential Edwards, John $44,600
Senate Durbin, Dick $40,250
House Bachus, Spencer $35,450
Senate Chambliss, Saxby $35,050
House Landrum, David $30,450
House Emanuel, Rahm $28,000
Senate Shelby, Richard C $25,200
Senate Baucus, Max $24,500
Senate Hagel, Chuck $24,100
Senate Biden, Joseph R Jr $23,950
House Capito, Shelley Moore $22,800
Senate Bennett, Robert F $21,200
House Marshall, Jim $19,550
Merrill Lynch: Recipients
Senate McCain, John $297,413
Presidential Giuliani, Rudolph W $210,275
enate Clinton, Hillary $206,709
Senate Obama, Barack $202,072
Presidential Romney, Mitt $172,025
Senate Dodd, Christopher J $71,300
Senate Pryor, Mark $23,900
Senate Stabenow, Debbie $23,350
House Emanuel, Rahm $20,800
Presidential Edwards, John $19,075
Senate Biden, Joseph R Jr $15,900
Senate Reed, Jack $10,500
House Ketner, Linda $10,200
Senate Hagel, Chuck $10,000
House Shays, Christopher $9,850
Presidential Richardson, Bill $9,300
House Ryan, Tim $9,200
House Paul, Ron $9,001
Senate Dole, Elizabeth $8,570
Senate Harkin, Tom $7,900
What, exactly, does a junior Senator have to do, or be, in order to get these kinds of contributions?
Agree to be George Soros’ puppet.
McCain, the ol’ Keating-Fivester is up there, too.
How much money has Chris Dodd received from AIG?
Why don’t we just merge with Venezuela and let Chaves have it all?
Overwhelming; the Ides of March indeed.
A crocked garbage bill proposed by a political hack and crook......=.=
Goodbye Chris, we won't miss you at all.
It's not going to cost the banks a thing.
It should be obvious, you don’t want a Democrat anywhere near your money
The great confiscation continues....
Is this the Dodd plan or the Soros plan?
If it is proposed by Dodd and enhances the power of the central bank it can’t be good for us or our country. I don’t understand all the details on this financial bill. I don’t know exactly how yet, but I know that somehow it will end up transferring what little I have left into some fat ass mega-rich banker’s pocket.
Who says the banksters aren't in charge?
What needs to happen is the following, but not necessarily in this order:
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.