Skip to comments.Wall Street Reform: A Summary of What's In the Bill
Posted on 06/25/2010 3:30:05 PM PDT by La Enchiladita
Here is a summary of the The Wall Street Reform and Consumer Protection Act, the long-awaited financial reform overhaul that passed out of conference committee at 5:39 a.m this morning.
Both the House and Senate are expected to pass the conference report next week so that it is on President Obama's desk by the July 4th recess.
The provisions below are broken into two groups -- those that mainly affect consumers and those that mainly affect financial institutions.
(Excerpt) Read more at cbsnews.com ...
House conferees agreed to the Senate language that creates a bureau within the Federal Reserve to regulate consumer financial products like mortgages and credit cards. The bureau would also oversee payday lenders and check cashing businesses. Auto dealers and pawnbrokers are exempt from the bureau's regulation even though the Department of Defense wanted auto dealers included because of past instances of exploiting members of the military. House members originally wanted this watchdog to be a freestanding agency.
The bureau would have broad authority to write new rules for a variety of consumer products. Republicans argue that this is an added layer of regulation that is unnecessary. Opponents also argue that all of the new regulations of lenders would reduce the amount of credit available to consumers.
Financial Stability Oversight Council:
The council would monitor systemic risk across the entire financial system and make recommendations to the Federal Reserve to alleviate that risk. The ten-member council would include the heads of the federal financial agencies.
I can break down the summary into one word: Tyranny.
Yep. Kiss individual freedom good-bye and kiss capitalism good-bye.
Result of bill = Asia Rising....
“Sen. Scott Brown (R-Mass.), who is expected to be a key swing vote next week in the Senate, got some sweet exemptions for financial firms in the Boston area according to the Boston Globe. “
Love that part...goes to show Mr. Brown pulled the wool over EVERYONE’s eyes....what a POS.
Now there's a paragon of journalistic integrity. I wouldn't even trust them to get the Red Sox scores correct!
Boston Globe would necessarily be on his case, as they always were.
We already got told how the bill works by Chris Dodd.
“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”
Soros has been pushing this, wants more global controls on US and our economy. This Gives more power to the Fed, that has already given Tarp money to foreign banks.
What’s in the bill: First we take all your freedom and property. Then you work for us.
Have a nice day.
If you like our Healthcare, just wait to see what we do to your economy. :)
LIBs have accused PUBs of being “The Party of NO”. As in most cases in dealing with LIBs, projection is the key.
The RAT-led government is truly “The Party of NO”. No energy, no defense, no border control, no guns, no terrorists and no freedoms. Their only yes is breaking the laws.