Skip to comments.Hidden Impacts of the Dodd-Frank Act
Posted on 07/15/2010 11:26:00 AM PDT by Behind Liberal Lines
Within a week or so, if not sooner, we can expect the Dodd-Frank Act to become law....there remain hidden provisions that will have more impact than has been generally recognized. This column will focus on three: (1) the whistleblower bounty provisions of the act, which create unprecedented incentives; (2) the act's "clawback" provisions, which potentially affect all current and former "executive officers" of a listed company but that are expressed in vague language of uncertain scope; and (3) its approach to the extraterritorial application of the antifraud provisions of the federal securities laws, where the act expressly reverses some aspects of the Supreme Court's recent decision in Morrison v. National Australia Bank, Ltd.
(Excerpt) Read more at law.com ...
“Hidden Impacts of the Dodd-Frank Act”
The biggest impact will be to resuscitate the liberal media mirage of Dodd and Barney Bank as being for the people, and not Wall Street Bank puppets.
The bill enshrines the “too big to fail” self-serving/lucrative campaign money theory and makes it law.
Through the Financial Reform bill,will not the handing over of the entire population of US citizens complete financial life and personal behavior to a non-US corporation for data gathering, data control, monitoring, manipulation of financial behavior as consumers and business people, through a Fed Reserve internalized Bureau of Consumer Financial Protection, NOT HAVE BIG CONSEQUENCES?
Congress has just effectively globalized the entire population to authority located outside of the US, and independent of nation-state protections the population used to have. Think about it.
Here are Sen Dodds and Sen Shelby’s comments from an earlier stage of the Bills’ progress thru the Senate:
“Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks, including customers addresses and ATM receipts.
The Senate voted 59-39 on Thursday to pass the bill the chief aim of which is to more-heavily regulate the financial industry sending it to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.
The bill, if it becomes law, will create the Bureau of Consumer Financial Protection and empower it to gather information and activities of persons operating in consumer financial markets, including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customers account.
The new bureaucracy is then allowed to use the data on branches and [individual and personal] deposit accounts for any purpose and may keep all records on file for at least three years and these can be made publicly available upon request.
Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.
[T]he American people are being misled, Shelby said on the Senate floor on Thursday night. The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will tame Wall Street. I am afraid that they are going to be disappointed.
Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to manage them by monitoring their behavior.
Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
They may be interested in protecting consumers, but they are more interested in managing them, Shelby said.
Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.
Mr. President, I have faith in the American people and their ability to make good choices, said Shelby. Granted, we do not always choose well. But I believe that a poor choice freely made is far superior to a good choice made for me.
I am afraid that the architects of this bill do not share this sentiment, he said. Nor do they share my faith in the American people.
Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.
This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people, said the senator.
Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.
As it reads: [T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.
Claw back how about house members who are Crooked and on the take?
We will need a tally of contributors to Free Republic who will be able to get a loan after this bill goes into effect.
“The bill, if it becomes law, will create the Bureau of Consumer Financial Protection and empower it to gather information and activities of persons operating in consumer financial markets, including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customers account.”
I’ve been trying to tell anyone who would listen that this was in there. Like every other monstrousity that has come our way the past 18 months, I was told there is “no way” our government can do this!” I’m more sick of the ignorant, unbeleiving masses than the politicians at this point!!
Fox news is reporting that this garbage just passed the senate. They govt just gave themselves the power to snoop into anyone’s bank account.
Of course to protect us.
Wants me to sign in......
There is nothing hidden here. This is just part of the communists takeover to buy the sheep.
My, my, don’t they make a wonderful couple.......
This will help when the IRS needs to confiscate our funds electronically for our “healthcare”. Soon it will be time to go back to cash, cash, cash.