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US Senate Makes Modest Progress on Reg Reform, Key Votes Loom
ForexLive/Market News International ^ | May 7, 2010 | John Shaw

Posted on 05/08/2010 2:20:11 PM PDT by La Enchiladita

WASHINGTON (MNI) – The Senate made modest progress this week in advancing a sweeping financial regulatory reform bill, but critical votes loom next week on regulating over-the-counter derivatives and expanding audits of the Federal Reserve Board.

In perhaps the week’s most important vote, Senate Democrats, with the help of two Republicans, defeated a bid by Sen. Richard Shelby, the ranking Republican on the Banking Committee, to sharply limit the powers and scope of the proposed consumer financial protection bureau.

Shelby’s amendment was defeated on a 38 to 61 vote. The amendment would have created a new consumer protection entity that is based in the FDIC. Current banking regulators would retain their enforcement and supervisory authority.

Republican senator Bob Corker said Republicans will make “surgical” attempts to modify the proposed consumer bureau next week when the Senate resumes votes on amendments.

Senate Banking Committee Chairman Chris Dodd has said that more than 140 amendments have been filed.

...One amendment that was the subject of intense negotiations and fierce rhetoric this week pertains to an effort to expand audits of the Federal Reserve Board.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Extended News; Government
KEYWORDS: banking; chrisdodd; finance; regulation
The underlying Senate bill was largely drafted by Dodd. It establishes a new independent Consumer Protection Bureau at the Federal Reserve Board, creates a process to liquidate failed financial firms, sets up a council of regulators to oversee systemic risk in the economy, establishes a regulatory structure for over-the-counter derivatives, requires hedge funds that manage over $100 million to register with the SEC and creates a new office within Treasury to monitor the insurance industry.

Th-th-th-that's all, folks!!

1 posted on 05/08/2010 2:20:12 PM PDT by La Enchiladita
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To: La Enchiladita

Rinos rolled over and let this abomination come to the floor.

2 posted on 05/08/2010 2:27:28 PM PDT by Snickering Hound
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To: La Enchiladita

Maybe the Senate, since these are not revenue bills (purview of the House) could start on some real legislation like the following:

Tax Reform or Spending Reform or Government Downsizing. All separate issues and ALL must be accomplished separately.

1. Repeal the 16th and 17th Amendments.

2. Term Limits on all elected offices, Senators/2-2 yr terms, Representatives/2-2 yr terms. Senators appointed by State Legislatures (giving the States back their representation at the Federal level) and Representative by general election of the citizens.

3. Create a State’s Rights Commission made up of 70% representatives appointed from the local government (closest to the people) and 30% appointed from the federal level. Serve specified terms with a limit of one term per person. Purpose: Review all Congressional laws and Executive Orders/Policies to see that they conform with the 10th Amendment.

4. Create a Sunset Commission to backstop Congress and review ALL laws and force repeal of (or even rescind) outmoded, outdated and duplicative statutes. Additionally, included all Agencies/Departments/GSE’s in under this Commission with power to shut them down, merge them (or their programs) into another. (With local representation just as the State’s Rights Commission)

5. Steps needed at the Cabinet level, giving them a specific purpose and a clear mission:

a) Abolish the FED. Totally and completely.

b) Abolish the Department of Education. Belongs with the States, and the Dep’t of Ed truthfully educates no one.

c) Smaller Dep’t of the Interior - by release all federal lands back to the States with the exception of National Parks. Limit number and size of future National Parks that can be created (only 27 states have nation parks, maybe some states have too many).

d) Dep’t of Health should have Medicare, Medicaid (if we actually can keep them and sustain them) and the Surgeon General, public health & medical research (CDC and such) at the federal level.

e) Put ALL welfare programs under Dep’t of Welfare to downgrade duplication and multiple funds being disbursed to numerous agencies. This would include Social Security if we can keep it viable. All welfare programs should have a definite end date without exception, for recipients (except seriously ill/handicapped citizens) and the program.

f) Close Import/Export Bank, Overseas Private Investment Corp to name a few independent agencies (including funding).

g) Shut down US participation in the UN, World Court, WTO and other international treaty organizations (including cutting off funding). If not shut down their rulings should be purely advisory and no weight or precedence under the laws of the individual members, plus no enforcement ability.[The UN should be given 5 years to vacate New York, maybe they could take over Haiti and run it]

h) Commerce and Labor merged into one agency to include duties of SEC, NLRB, Securities & Exchange Commission, Commodities Futures Trading Commission, FDIC, etc now that exist. [Consumer protection on financial matters gits here] Quasi gov’t agencies (i.e., FASB and the like) should be spun off as private totally and completely without gov’t inputs.

We should end up with (roughly): Departments of State, Defense, Homeland Security, Commerce/Labor, Natural Resources, Justice, VA, Treasury and Interior. (9 down from 16 or so we have now)

No additional commissions or agencies are needed. Already too much duplication of effort and excessive spending.

[I know, just my dreaming that the senate would do something constructive]

3 posted on 05/08/2010 2:27:49 PM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: La Enchiladita
Okay, refresh my memory once again.

Who works for who?

Government for the people or people for the government?

4 posted on 05/08/2010 2:28:32 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Snickering Hound
Rinos rolled...

'nuff said.

5 posted on 05/08/2010 2:29:42 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Snickering Hound

Precisely. Corker is known as “Bail-out Bob.”

6 posted on 05/08/2010 2:45:03 PM PDT by La Enchiladita
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To: K-oneTexas

We need regulation all right. We need to regulate these senators out of office and immediately install a moratorium on ALL legislation, except for repeal of socialist boondoggles like the “healthcare” bill and that stuff you mentioned, thank you!!!

Oh yeah, and send the CZARS back to Russia!!

7 posted on 05/08/2010 2:48:23 PM PDT by La Enchiladita
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