I have no idea, why not tell us, and then tell us why its important?
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.
During the derth of regulations determining who could be a broker while these rules were held up purposely by the Bush SEC the banks got JUST WHAT THEY WANTED and were able to hire whomever they wanted to be a broker, they got to train them however they wanted them to perform.
The Bush SEC gamed the GLB act so that the protections designed in it could be stalled.
This is why it got backed by dems and signed by Clinton ( the protections)
This way the right was able to get EVERYTHING they wanted and NONE of the rules they didnt like.
It meant a bank could train whomever they wanted and however they wanted them to sell them.
It meant a broker could no longer lose their liecense by selling a security that did not contain what they claimed it contained ( triple aaa rated mortgages).
In the past a broker who sold trash would lose their carreer.
Not after GLB act passed and Bush SEC held up the broker rules.
Your party gamed the system.
it resulted in a ******* huge assed mess
