Skip to comments.Dodd Unveils Finance Bill Taking Aim at Big Banks
Posted on 03/15/2010 3:17:16 PM PDT by La Enchiladita
WASHINGTONSenate 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 ...
From an trusted acquaintance’s analysis of this bill, it will kill small investments in start-ups. This is another job-killer from the Left.
Come January 2011, Timothy Geithner will be out as treasury secretary, Chris Dodd will be in. His reward for dropping out of the Ct. senate race.
...much like the “stimulus bill” took aim at the economy...
Everything this administration and democrap congress does is the Soros plan. Rush, imo, was wasting his time this a.m. psychoanalyzing the puppet president. He is simply a useful idiot, a bland personality perfect for enacting the Soros/moveon/answer/acorn/seiu/aclu/codepink consortium agenda.
To be added or removed from the
"The Wall Street Journal" Ping List,