Democrats pass major makeover of Wall Street Regs.

[Political Junky]

The Associated Press: Major makeover of Wall Street regs passes House

By JIM KUHNHENN (AP) – 25 minutes ago
WASHINGTON — The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.
The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.
While a victory for the administration, the legislation dilutes some of President Barack Obama's recommendations, carving out exceptions to some of its toughest provisions. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.
The president praised the House action Friday, and called on Congress to act swiftly to get the bill to the White House for his signature. <more>

 

[Kevin_Kennedy]

The only good thing about this bill is the Fed audit. Just about everything else is blatantly unconstitutional and devoid of any economic sense.

 

[Oddball]

More bank spying measures, too.

Good thing the democratics are sooooooooo concerned with protecting privacy and civil liberties.

 

[CrusaderFrank]

Good Grief!!!!!!!!!!!!!!!!!!!!!!!!!!!

We're going to make a bonfire in 2012 and throw all these fucking laws onto it

We need more government distorting the financial markets like a picnic needs poisonous flying Army Ants with Gila Monster jaws.

ENOUGH!

Throw the Statists Out!

 

[manu1959]

anyone tell me why they didn't pass this two years ago....

 

[Yurt]

anyone tell me why they didn't pass this two years ago....

lol....

and didn't i just read the other day that the house actually backed down on regs? this is confusing....

 

[Oddball]

Good Grief!!!!!!!!!!!!!!!!!!!!!!!!!!!

We're going to make a bonfire in 2012 and throw all these fucking laws onto it

We need more government distorting the financial markets like a picnic needs poisonous flying Army Ants with Gila Monster jaws.

ENOUGH!

Throw the Statists Out!

You just earned yourself a roving wiretap, pal.

 

[Toronado3800]

What's the discussion on this one?

Major Makeover of Wall Street Regs

WASHINGTON – The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.

The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.

I do agree with the contention we should overhaul or update the financial system. Guess starting tomorrow in the paper I'll start reading some details about this.

 

[Xenophon]

The only good thing about this bill is the Fed audit. Just about everything else is blatantly unconstitutional and devoid of any economic sense.

Which is why the politburo..er..'Congress' passed it.

 

[Avatar4321]

So Congress has given more power to the executive branch. They have given the President the power to declare what companies are bad for the economy and break them apart. They are voting themselves into irrelevance. Before we know it the executive branch is going to have complete control.

 

[Toronado3800]

Avatar I do agree with that point.

Banks w/o an FDIC type guarantee would never get my money. I'd be left with my sock drawer and the stock market or other investment gambles as choices of where to put my money. Seems we could have just done with updated regulations on insurance company and bank investments.

 

[garyd]

If the gvernment had done it's job concerning the derivatives most of the insurance industry and Wall street wouldn't have got much more than slightly damp instead of damn near drowned. We didn't need more regs so much as we needed the ones currently on the books properly administrated and enforced.

 

[kyzr]

If the gvernment had done it's job concerning the derivatives most of the insurance industry and Wall street wouldn't have got much more than slightly damp instead of damn near drowned. We didn't need more regs so much as we needed the ones currently on the books properly administrated and enforced.

1. Totally agree with your point, however, how do you fix the fact that Bernie Madoff was going to be head of the SEC?

2. The fact that companies can "capture" a federal agency needs to be addressed.

3. I'd eliminate derivatives and short-selling. Only investments that raise capital and create jobs would be allowed in the US. If you want a casino, go elsewhere.

4. I want caps on total compensation for corp execs. Bonuses need to be based on performance, including jobs created. No bonuses for job cuts.

5. We need to stop tax breaks for outsourcing, and create tax breaks for in-sourcing.