Skip to comments.Is this Obama’s attempt to take over the private sector?
Posted on 04/24/2010 8:10:20 PM PDT by USALiberty
A bill which would impose new federal regulations on the private sector quietly passed the House of Representatives on December 11, 2009 and has been referred to the Senate Committee on Banking, Housing and Urban Affairs.
HR4173, also known as the Financial Stability Improvement Act, is 1,705 pages long and would consolidate the banking, insurance, and mortgage industries by the Secretary of the Treasury. It includes the creation of the Consumer Financial Protection Agency (CFPA) which, according to SourceWatch, is at the center of the Obama administrations overall plans to overhaul financial regulations. This Agency would take certain consumer regulatory responsibility of financial products from seven other agencies and centralize it in one office. It would have the authority and accountability to supervise, examine, and enforce consumer financial protection laws. It will be empowered to make rules, examine balance sheets and issue subpoenas. Any institution that provides consumer financial products such as mortgages, credit cards, student loans, auto loans, payday loans, and other consumer products, including payday lenders and mortgage brokers, will fall under the agencys jurisdiction. The agency would ban deceptive practices and oversee new consumer financial products.
(Excerpt) Read more at thepostemail.com ...
HANDS OFF THE BANKS!
I haven’t heard that much opposition to this by Rush, Hannity, Sarah, Tea Party or others. I’ve heard it discussed a couple of times but doesn’t this deserve the same level of opposition as healthcare? If we don’t stop this takeover, healthcare will be the least of our problems.
In a word—YES! Every sign points to the fact that he plans to STAY right where he is now. Wake up America—don’t let us lose our Country!!!
The FDIC seizes between 1 and four banks every Friday. Most of these banks end up requiring miullions of dollars in cash infusions for the take-over banks to be able to take them over. This is indicative of control fraud by the former operators of the failed banks. Where is the first indictment of an officer of an FDIC-seized bank? The first one?
Jefferson County, AL, had their sewer project end up costing 12 times their original estimate because one or more of their financial staff was bribed by Goldman Sachs to engage in CDS games. The guys from Jefferson County are in jail. I thought bribery was a two-sided crime, in other words, where is the jail sentence for the banker who bribed the guys from Jeff County? Anyone? Anyone? Bueller?
>I thought bribery was a two-sided crime, in other words, where is the jail sentence for the banker who bribed the guys from Jeff County? Anyone? Anyone? Bueller?
Good point; it’s also one that comes to life in the story of Jesus and the Woman Caught in Adultery... where was the man?
First take over the banking system then take over the private sector. Are you pondering what I'm pondering.
Financial Stability Improvement Act... isn’t that what Lenin called HIS revolution...?
IF ONE HAS TO EVEN ASK THE QUESTION IN THE TITLE... THEN ONE IS PART OF THE PROBLEM TO BEGIN WITH!
What was HCR? The title makes it sound like 0bummer has been doing something OTHER than take over the private sector since he was sworn in.
save for later