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Sweeping Wall Street Reform Bill Advances
MSNBC ^ | May 20, 2010

Posted on 05/20/2010 12:21:17 PM PDT by Steelfish

Sweeping Wall Street Reform Bill Advances Legislation is one of President Barack Obama's top domestic priorities WASHINGTON - U.S. Senate Democrats nabbed the 60 votes needed on Thursday to advance the biggest overhaul of financial regulation since the 1930s, paving the way for a final vote on passage within days.

The legislation is one of President Barack Obama's top domestic priorities. The bill calls for new ways to watch for risks in the financial system and makes it easier to liquidate large financial firms that are failing.

It also writes new rules for complex securities blamed for helping precipitate the 2008 economic crisis. And it creates a new consumer protection agency.

The Senate voted 60-40 to end debate on the bill as U.S. stocks fell sharply. Barney Frank, the Democratic head of a key House committee, told CNBC television news it is important to get financial reform approved quickly to ease market uncertainty. He said he expected Obama could sign a bill into law well before July 4.

(Excerpt) Read more at ...

TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: 2takefreemarketsaway; 4thecommongood; banking; bigbrother; brownrino; chrisdodd; doddbill; finance; financialreform; g20; globalgovernment; privacy; rino
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To: teg_76

Add Crist, Grahma-nesty, Rubio et al.

61 posted on 05/20/2010 1:36:43 PM PDT by Frantzie (McCain=Obama's friend. McCain/Graham = La Raza's Senators)
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To: b4its2late

Snowe and Brown are up in 2012. Collins in 2014.

Snowe and Collins will be re-elected, sad to say. I live in Maine and no other Republican, moderate or conservative, has the name recognition of these two stimulus sisters.

Their democrat opponents are always ultra-liberals.

Southern Maine is basically North Massachusetts.
Northern Maine has alot of conservative gun-owners, and retired veterans, but alot of poverty and a high percentage of elderly folk.

Poor people and elderly may not necessary be liberal, but they tend to favor big government programs. Maine is a tough-nut to crack for conservatives to win statewide or federal office.

The state is basically very pro-military....lots of flag wavers and patriots. For instance, a 21 year old soldier was killed in Afghanistan recently. His funeral was held here in Maine last Sunday. The local media reported the story in length....respectfully....the democrat governor called the family, ordered flags statewide lowered on the day of the funeral, and I believe he attended the funeral. Snowe and Collins usually attend these funerals, too.
Maine has one of the largest numbers of National Guard in Iraq and Afghanistan, per capita, of any state.

We’re not all moonbats here in Maine, in spite of the frustrations caused by Susan Collins and Olympia Snowe.

62 posted on 05/20/2010 1:37:24 PM PDT by july4thfreedomfoundation (I'm voting for Sarah Palin because she pisses off the right people.)
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To: grumpygresh

Most people are too dumbed down, they won’t take their money out of the bank. Why? I have no idea. I guess it’s easier to just b*tch on FR and other forums than to actually do something about it. I cleaned mine out long ago and they will never get their hands on it. It’s not even in this country.

63 posted on 05/20/2010 1:38:20 PM PDT by mojitojoe (banking institutions are more dangerous to our liberties than standing armies. Thomas Jefferson)
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To: listenhillary

Laws and regulations are only effective when enforced, wouldn’t you agree?

It is now obvious that BP’s large donations to Obama and the Democrats resulted is inspections being skipped.

As for non-enforcement of laws, look at immigration.

64 posted on 05/20/2010 1:38:35 PM PDT by SatinDoll (NO Foreign Nationals as our President!!)
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To: Steelfish
wonder twins Pictures, Images and Photos

SDCC 09 Exclusive Wonder Twins Gleek Pictures, Images and Photos

Rino twins from Maine and their monkey strike again!

65 posted on 05/20/2010 1:41:33 PM PDT by Snickering Hound
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To: All
Obama lying again - saying economy is doing great & creating jobs. Meanwhile, what he's not telling anyone is that he'll be signing another $437B "emergency" spending bill in about 10 days.

Smoke & mirrors, coupled with the strong delusion of the people, and he marches on with his agenda of destruction.

66 posted on 05/20/2010 1:44:32 PM PDT by anniegetyourgun
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To: Steelfish

Congress’ Financial Mess (Walter Williams)

Professor David Henderson, research fellow at Stanford’s Hoover Institution, writes about regulation in “Are We Ailing From Too Much Deregulation?” in Cato Policy Report (November/December 2008). The Federal Register, which lists new regulations, annually averaged 72,844 pages between 1977 and 1980. During the Reagan years, the average fell to 54,335. During the Bush I years, they rose to 59,527, to 71,590 during the Clinton years and rose to a record of 75,526 during the Bush II years. Employees in government regulatory agencies grew from 146,139 in 1980 to 238,351 in 2007, a 63 percent increase. In the banking and finance industries, regulatory spending between 1980 and 2007 almost tripled, rising from $725 million to $2.07 billion. So here’s my question: What are we to make of congressmen, talking heads and news media people who tell us the financial meltdown is a result of deregulation and free markets? Are they ignorant, stupid or venal?

67 posted on 05/20/2010 1:45:27 PM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: Steelfish

Fascism is here.

2012 is going to be the NASTIEST election in history with Obama using this law to go after political rivals.

THANK YOU MODERATES (you know who you are and there are a bunch of you running around on this board.)

68 posted on 05/20/2010 1:45:53 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: Steelfish

Hurry now, rebuild the barn after the horse is gone. New set of regs needed which will hastily be ignored. See??? I’ve seen this sh-t before.

69 posted on 05/20/2010 1:51:09 PM PDT by Waco (Kalifonia don't need no stenkin oil and no stenkin revenues)
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To: Steelfish
More big government under the name of reform, It will hurt community banks because of the increase in regulation. Freddie and Fannie are not in the bill or addressed.
70 posted on 05/20/2010 1:51:58 PM PDT by opentalk
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To: Tzimisce

Scott’s on with Howie Carr right now. He voted against the bill.

71 posted on 05/20/2010 1:52:25 PM PDT by massgopguy (I owe everything to George Bailey)
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To: july4thfreedomfoundation

I know you aren’t all moonbats there for sure just as all New Yorkers aren’t either, but we are over powered by the moonbats which gives us normals a bad rap.

72 posted on 05/20/2010 1:54:22 PM PDT by b4its2late (Why does a slight tax increase cost you $200 and a substantial tax cut save you 30 cents?)
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To: massgopguy

The bill has not been voted on. He voted yea to end the discussion/filibuster (cloture).

73 posted on 05/20/2010 2:01:42 PM PDT by Snoopers-868th
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To: Alberta's Child

“what is the basis of the Republican Party’s objections to the bill as it is constituted?”

Simply put, it’s an executive branch power grab. It will give the government the authority to oversee banks and the credit industry. All records (including our individual records) will be open and under the supervision of the government.

It permits the government to do hostile takeovers of any banks it wants, fire management, replace the board of directors, liquidate assets, and select which creditors get paid.

If passed, congress will have no say in what is being done unless they write new legislation. So financial institutions will have to play by Obama’s rules or else. It has been described as turning our financial institutions into public utilities.

74 posted on 05/20/2010 2:12:56 PM PDT by sijay
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To: Steelfish

Punish, punish, punish: that is the Comrade O-Kenya Agenda. America must be punished for being the most successful, free-est nation on the face of the earth. Punish and then control the sheepish masses.

75 posted on 05/20/2010 2:22:36 PM PDT by La Enchiladita
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To: mojitojoe

“Brown, I knew it. Collins, Snowe and Brown are the bane of our existence.”

Especially Collins and Snowe. I’d be so happy if these two would just evaporate!

76 posted on 05/20/2010 2:23:07 PM PDT by sijay
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To: Frantzie

I have to say, if you don’t “trust” Marco Rubio, you’re not going to like more than a handful of U.S. Senators. Marco Rubio is a solid conservative, and will help move the Senate in the right direction. Sure, he was an idiot to comment on the AZ law before having read it, but it doesn’t make him a liberal. It should be noted, though, that not only did Rubio support the law after he read it (and, particularly, after amendments clarifying the things that liberals were demagoguing about were signed into law), but that even in his initial comments he said that he understood the need for action by border states and merely said that he was “troubled” about certain aspects of the law that he had heard from the media. There’s a big difference between what Rubio said (and later retracted when he got more information) and what amnesty pushers believe.

77 posted on 05/20/2010 2:23:30 PM PDT by AuH2ORepublican (If a politician won't protect innocent babies, what makes you think that he'll protect your rights?)
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To: Alberta's Child

Do a search under keyword ‘chrisdodd’ for previous articles about this legislation. It’s been around for several months.

78 posted on 05/20/2010 2:24:54 PM PDT by La Enchiladita
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To: AuH2ORepublican

Rubio is an open-borders RINO like Mel Martinez.

Rubio flip flopped and said AZ’s law is good for AZ but not Florida. McCollumn said the same idiocy.

Illegal aliens are bankrupting America.

79 posted on 05/20/2010 2:28:25 PM PDT by Frantzie (McCain=Obama's friend. McCain/Graham = La Raza's Senators)
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To: Alberta's Child

It’s supposed to be about too big to fail but its about everything else but. Among problems with it is big brother-like visibility into personal financial matters. Perhaps worst of all is putting an ACORN-like fifth column inside the FRB. They call it the CFPA but it really is the financial luddite Christmas tree. Amongst its lunacy is they want to “approve” products before financial businesses release them to consumers. There will be more innovation in the ant hill business now. Egad.

80 posted on 05/20/2010 2:30:39 PM PDT by major-pelham
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