Posted on 01/07/2011 4:57:21 PM PST by pissant
Rep. Michele Bachmann, R-Wis., plans to introduce legislation repealing the Dodd-Frank financial services law, calling it “misguided” and a “blatant abuse of power.”
A key criticism by Rep. Bachmann is a provision in the law that allows the federal government to take over failing non-bank institutions, such as American International Group, according to Rep. Barney Frank, D-Mass., former chairman of the House Financial Services Committee and a prime architect of the legislation.
In a statement, Rep. Frank said another key objection to the legislation by Rep. Bachmann and her conservative supporters is the creation of the independent Consumer Financial Protection Bureau.
The provision empowering Treasury to deal with failing institutions was primarily added because, before Dodd-Frank, the federal government had no authority to oversee failing non-banks.
The Treasury and Federal Reserve Board at one point loaned AIG $191.4 billion in cash, plus provided guarantees for its commercial paper only through the Fed’s authority to deal with extraordinary threats to the financial system.
Rep. Bachmann’s plans were disclosed in a “Dear Colleague” letter sent Wednesday seeking co-sponsors for her legislation.
(Excerpt) Read more at property-casualty.com ...
MB Ping
My kind of girl. Anyone who is unafraid to stand up and repeal the corrupt policy of the lisping butt pirate is okay by me.
Rep. Michele Bachmann, R-Wis?????
Rep. Michele Bachmann, R-MN
“Rep. Michele Bachmann, R-Wis.” .... Well, that’s news.. Wisconsin. LOL
LOL, shes a little west of Wisconsin.
border issues?
has she promised a nice job for Duncan Hunter?
What’s your angle here?
I stopped reading the article as soon as I saw that..
yup
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