Republicans give Santa the boot

[PoliticalChic]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue a second release concerning certain bank dealer activities and other related matters.

"A customer should be able to walk into a financial institution and get any financial product he or she needs — securities, insurance, banking or trust services," said SEC Chairman Christopher Cox. "But Congress recognized those benefits couldn't be achieved without new ways to safeguard investors that would be consistent with continued innovation. Today's historic action, coming eight years after the passage of the law, is long overdue but welcome news for investors who will now begin to see the benefits of broader services and lower costs that the law intended."

An important provision of the Gramm-Leach-Bliley Act amended the definition of "broker" in the Securities Exchange Act of 1934 so that banks would no longer be completely excluded from the broker-dealer registration requirements. At the same time, the new law created specific exceptions from those requirements. Proposed Regulation R would give effect to these bank broker exceptions, in a way that accommodates the traditional business practices of banks, and at the same time furthers our goal of better protecting investors.

In 1999 the Congress enacted and President Clinton signed into law the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act. This law repealed the part of the Glass–Steagall Act that had prohibited a bank from offering a full range of investment, commercial banking, and insurance services

Community Reinvestment Act - Wikipedia, the free encyclopedia


FDR began the deterioration in 1938 via GSE's

 

[Katzndogz]

I believe that Santa will be paid by private donations.

 

[hortysir]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue a second release concerning certain bank dealer activities and other related matters.

"A customer should be able to walk into a financial institution and get any financial product he or she needs — securities, insurance, banking or trust services," said SEC Chairman Christopher Cox. "But Congress recognized those benefits couldn't be achieved without new ways to safeguard investors that would be consistent with continued innovation. Today's historic action, coming eight years after the passage of the law, is long overdue but welcome news for investors who will now begin to see the benefits of broader services and lower costs that the law intended."

An important provision of the Gramm-Leach-Bliley Act amended the definition of "broker" in the Securities Exchange Act of 1934 so that banks would no longer be completely excluded from the broker-dealer registration requirements. At the same time, the new law created specific exceptions from those requirements. Proposed Regulation R would give effect to these bank broker exceptions, in a way that accommodates the traditional business practices of banks, and at the same time furthers our goal of better protecting investors.

In 1999 the Congress enacted and President Clinton signed into law the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act. This law repealed the part of the Glass–Steagall Act that had prohibited a bank from offering a full range of investment, commercial banking, and insurance services

Community Reinvestment Act - Wikipedia, the free encyclopedia


FDR began the deterioration in 1938 via GSE's

Had to brighten that a tad for the dim wit

 

[Caroljo]

And now Obama is taxing CHRISTMAS TREES!
Nobody is going to miss ONE Santa during Christmas...there's thousands of them.
Now it's going to cost more to buy a live tree for Christmas, which a lot of families want to have...and many of these people can't afford much anyway. The tax is going to affect all Christmas tree growers, even the small family owned businesses, and the cost is going to go straight to the consumer. Which will end up hurting the small business owners because people just won't buy them.

 

[rightwinger]

My Gawd! What evil people republicans are!

This is an outrage!


An outrage!


Out-fucking-rage!

Republicans hate Santa

He is the reason they have their annual Jesus is the reason for the season campaign

 

[PoliticalChic]

they instated the rules right before they lost the house to dems.

Funny that one huh?

Wise up.

The Clinton administration changed this state of affairs dramatically. Ignoring the sweeping transformation of the banking industry since the CRA was passed, the Clinton Treasury Department's 1995 regulations made getting a satisfactory CRA rating much harder. The new regulations de-emphasized subjective assessment measures in favor of strictly numerical ones. Bank examiners would use federal home-loan data, broken down by neighborhood, income group, and race, to rate banks on performance. There would be no more A's for effort. Only results—specific loans, specific levels of service—would count. Where and to whom have home loans been made?

Crucially, the new CRA regulations also instructed bank examiners to take into account how well banks responded to complaints. The old CRA evaluation process had allowed advocacy groups a chance to express their views on individual banks, and publicly available data on the lending patterns of individual banks allowed activist groups to target institutions considered vulnerable to protest. But for advocacy groups that were in the complaint business, the Clinton administration regulations offered a formal invitation.

"To avoid the possibility of a denied or delayed application," advises the NCRC in its deadpan tone, "lending institutions have an incentive to make formal agreements with community organizations." By intervening—even just threatening to intervene—in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers. A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city. Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, "CRA is the backbone of everything we do."
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

 

[kwc57]

The outrage is the republicans caused this world wide crash

For God's sake, would someone please make me a mod for just two minutes so I can correct this user's name.

 

[California Girl]

My Gawd! What evil people republicans are!

This is an outrage!


An outrage!


Out-fucking-rage!

Republicans hate Santa

He is the reason they have their annual Jesus is the reason for the season campaign

You make a mockery of real 'hate' with your pathetic whining. Just sayin'.

 

[blastoff]

The outrage is the republicans caused this world wide crash

I thought it was wall st. Make up your mind.

It was. But then she found out how much money Barry got from Wall St., so a modification was needed.

 

[pgm]

I'm an Eagles fan, therefore, I have no sympathy for "Santa."

 

[bigrebnc1775]

The outrage is the republicans caused this world wide crash

really? how did it happen?

 

[Avatar4321]

The outrage is the republicans caused this world wide crash

No. The people are responsible for this because we've been negligent and letting politicians meddle and screw people over for decades without holding them to task. We've turned away from God and become a covetous, proud, idle, dishonest, and wasteful people. And we wonder why our economy is problematic?

You want a strong economy? Then you have to fix the people. That means you, me, our families, our friends, our neighbors, our enemies, etc. We all have to fix our own lives. We have to become a humble people. We have to become an honest people. We have to be a hard working people. We have to be a thrifty people.

We aren't any more. We can't expect the blessings or being that kind of people if we arent that kind of people.

If we want to save this nation, we need a revolution in the hearts and minds of the people. We need to repent of our corrupt ways and become the people of character that is necessary to have a strong and prosperous people indefinitely.

 

[grunt11b]

New York's Suffolk County sacks Santa to save $660 | News | National Post

NEW YORK — Faced with the difficult task of balancing a budget in austere times, officials in New York’s Suffolk County said on Friday they had no choice: they had to sack Santa Claus.

The county executive said he could not justify carving out $660 from his US$2.7-billion budget to pay David McKell, 83, a World War II veteran and former homicide detective, to don his Santa suit for the tenth year running and greet children on Long Island.

Let me guess, you're pretending that you disagree with this right? I thought you guys on the left hated anything christian?

 

[grunt11b]

The outrage is the republicans caused this world wide crash

Leave it to a dumbfuck to go completely off topic.

 

[grunt11b]

The outrage is the republicans caused this world wide crash

I thought it was wall st. Make up your mind.

The left don't care, as long as the blame doesn't go where it needs to, Democrats/Rinos and Marxists like Obama.

 

[bigrebnc1775]

The outrage is the republicans caused this world wide crash

Leave it to a dumbfuck to go completely off topic.

some where she trying but it seems she's failing.

 

[whitehall]

Barry just placed a tax on Christmas trees and Alinisky lefties found a 600 budget cut in a county in NY. And they call it "republicans santa yada yada". Get a life phony rightwinger.

 

[Mr. Shaman]

Republicans give Santa the boot

....In deference to.....

.....St. Timmy.....

....no doubt.