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  1. #1
    Senior Member winmutt's Avatar
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    Financial Reform Bill

    http://www.washingtonpost.com/wp-dyn...062500675.html


    Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing, exhaustive hours after they began Thursday morning.

    "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."

    Both the House and Senate must approve the compromise legislation before it can go to Obama for his signature.

    Despite myriad changes in recent days, Democrats appear poised to deliver a final bill that largely reflects the administration's original blueprint unveiled almost precisely a year ago. While it would not fundamentally alter the shape of Wall Street or break up the nation's largest firms, the legislation would establish broad new oversight of the financial system.

    A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600-trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.

    "The finish line is in sight. The bill that has emerged from conference is strong," Treasury Secretary Timothy F. Geithner said in a statement early Friday. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of American access to the credit they need to expand and innovate."

    Thoughts?

  2. #2
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    I was most interested in the sections dealing with these "dark derivates". I know the senate bill had some strong provisions, which would force 90% of those unregulated financals into "clearing houses", the house bill was weaker. Just hope they keep the light on them.

    Regardless of what passes, THE MARKET will find a way around THERE WILL BE BLOOD.

  3. #3
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    "No one will know until this is actually in place how it works."
    Confidence inspiring...

    near-total autonomy to write and enforce rules.
    Very scary...

  4. #4
    Super Moderator Butthead's Avatar
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    in my book, if Dodd likes it, it must be bad. if the main goal of this was to protect the fdic insurance, could not they just add to the bank's
    reserve requirements?

  5. #5
    Senior Member MrBlah's Avatar
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    some of the bill is ok, but there's all these new government agencies, do we really need more? And then there's shit like this

    EXECUTIVE PAY

    Shareholders would have the right to cast nonbinding votes on executive pay packages. The Fed would set standards on excessive compensation that would be deemed an unsafe and unsound practice for the bank.
    WTF ? setting pay standards on companies?

  6. #6
    Senior Member Spicoli's Avatar
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    Nobody will know if works until it's in place? Jesus

  7. #7
    Senior Member jkhonea's Avatar
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    This is just friggin' ludicrous. The Dems have lost their minds trying to pass bills as fast as they can before the November elections. Creating shit for the sake of creating it. Every single one dipping deeper and deeper into areas they have no business touching. And then, creating bills that they don't even know how the final forms will affect what they are directed towards. Seriously, WTF?!?
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  8. #8
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    http://money.cnn.com/2010/06/25/news...bill/index.htm has a bit more detail and is not any less scary. 19 billion in new taxes that will be passed to us as always

  9. #9
    Senior Member MrBlah's Avatar
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    at first this sounded like it was only for banks, guess not, HOLY SHIT

    The bill would also impose new rules for how all publicly-traded companies, not just banks and other financial firms, pay top executives.

  10. #10
    Senior Member jkhonea's Avatar
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    Re: Financial Reform Bill

    Now I want to see one Obama supporter justify this load if shit bill. I am dead serious about that. There is pretty much nothing redeeming here and a lot that will cause major issues with the government getting into business it as no business being in.

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