Why did the BUSH SEC hold back the broker rules?

[Rat in the Hat]

Why did the Bush SEC do that?

So I ask you all WHY?????????


Why did the Bush SEC do that?

what was their motivations?

What I am asking it why the Bush SEC implimented the Gramm Leach blieley act of 1999 which allowed the banks to sell securities for the first time since the passage of Glass Stegal act from the Great depression days.

when they implimented the Bill they held back the rules that involved the Broker rules for the banks.

So the banks could NOW sell seciurities but had no rules on Brokers.


Why did the Bush SEC do that?

what was their reasoning behind that move?


Not one person has EVER been able to answer that question in a away that makes sense

What was the reasoning the Bush SEC did this hold back of the broker provisions for 8 long years?

Now can anyone tell me a differing reason that makes sense as to WHY this part of the law was NOT implimented?

 

[g5000]

More:

Subject to section 104 of the Gramm-Leach-Bliley Act, insurance agency and brokerage activities and activities as principal conducted in a functionally regulated subsidiary of a depository institution shall be subject to regulation by a State insurance authority to the same extent as if they were conducted in a nondepository institution subsidiary of a bank holding company.

 

[Truthmatters]

From the FSMA of 1999:

Subsections (c) and (d) shall not be construed to affect--

(1) the jurisdiction of the securities commission (or any agency or office performing like functions) of any State, under the laws of such State--

(A) to investigate and bring enforcement actions, consistent with section 18(c) of the Securities Act of 1933, with respect to fraud or deceit or unlawful conduct by any person, in connection with securities or securities transactions; or

(B) to require the registration of securities or the licensure or registration of brokers, dealers, or investment advisers (consistent with section 203A of the Investment Advisers Act of 1940), or the associated persons of a broker, dealer, or investment adviser (consistent with such section 203A); or

(2) State laws, regulations, orders, interpretations, or other actions of general applicability relating to the governance of corporations, partnerships, limited liability companies, or other business associations incorporated or formed under the laws of that State or domiciled in that State, or the applicability of the antitrust laws of any State or any State law that is similar to the antitrust laws if such laws, regulations, orders, interpretations, or other actions are not inconsistent with the purposes of this Act to authorize or permit certain affiliations and to remove barriers to such affiliations.

READ the rules fro,m the government I provided.

The banks were excempt

 

[Redfish]

OK, TM,, lets assume you are correct that it was a bad bill. How many democrats voted for it?

there have been thousands of bad bills passed by congress and signed by presidents, your obsession with this one just confirms your idiocy.

 

[Dot Com]

Is this all the new and improved liberal board has to offer me? Debate with TM?

you'd prolly start melting if, gawd forbid, you supplied a link every now & then whiner.

 

[TNHarley]

The Commodity Futures Modernization Act of 2000 (CFMA) was also instrumental in allowing credit default swaps (CDSs) to be used to back those bonds. Phil Gramm (R-TX) was behind that act, too. You would think just having bonds sold with triple A ratings and then sold as junk bonds would be evidence enough that the SEC under Bush wasn't doing it's job. The people who defend any of this are just trying to save face and blame others for their **** up.

Its history, fool. are you claiming that no democrats voted for it?

you Bush haters need to grow up and move on to what is happening today with the clown that you elected twice.

BECAUSE the broker rules would have made the differance.

Then the Bush SEC held them back for 8 years.

the same years this mess was built.


Then days before the broker rules were to be implimented Bush had to announce the economy was about to crash

THIS MESS started with Carter and the 95th Congress in 77'
Get your head out of your ass

 

[Truthmatters]

guide to broker-dealer registration (april 2008)


banks. Prior to the enactment of the "gramm-leach-bliley act" ("glba") in 1999, u.s. Banks were excepted from the definitions of "broker" and "dealer" under the act. The glba amended the exchange act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since october 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The division of trading and markets has issued a special compliance guide for banks, entitled "staff compliance guide to banks on dealer statutory exceptions and rules," which is available on the sec's website at:

the bank exceptions and exemptions only apply to banks, and not to related entities. It is important to note that exceptions applicable to banks under the exchange act, as amended by the glba, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks. As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the act. Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the act.

proof

 

[jknowgood]

Tm, do you not realize the program started with carter and gained legs under clinton? If it would've been a success you would be bragging about it. Though as usual as all democrat polocies it failed, and as usual your trying to blame republicans. You do realize bush in 2005 tried to warn people the bust was about to happen? You can thank ole barney frank for saying we have nothing to worry about.

 

[Claudette]

Bill clinton said the act softened the crisis.. Hmmm Idk about that. He probably just sayed that because he is the fool that signed it, with BI-PARTISAN support
I cant find where any of your statements are true. I think you dont fuckin know, or you are just full of shit. It was effective immediately after signage. Well thats what I can find, and cant find anythign different

Save your breath and your fingers there TN.

Splatters doesn't want to admitt that her Dems were responsible for anything except saving America. They are the greatest.

They are just the greatest and had ab-so-lute-ly nothing to do with the economy crashing.

Its was all Bush and the Reps. Her Dems are pure as the driven snow.

Of course thats only in her mind but whats in her mind is all that concerns her.

Welcome to the wonderful world of Truthsplatters.

 

[TNHarley]

OK, TM,, lets assume you are correct that it was a bad bill. How many democrats voted for it?

there have been thousands of bad bills passed by congress and signed by presidents, your obsession with this one just confirms your idiocy.

It was a bad bill, bro. All the GLBD was, was a bailout law for banks. Regardless if they did or didnt get held up, it was a disaster from the start. The greed ruined our economy. Along with liberalism
Oh, and it overwelming bi-partisan support

 

[Truthmatters]

Guide to Broker-Dealer Registration
Division of Trading and Markets1
U.S. Securities and Exchange Commission
April 2008
Table of Contents


it is from the SEC and Bush was president

 

[Truthmatters]

why did the Bush SEC make sure the banks had no broker rules for 8 long years even though they were written into GLB act

 

[saveliberty]

Guide to Broker-Dealer Registration (April 2008)


Banks. Prior to the enactment of the "Gramm-Leach-Bliley Act" ("GLBA") in 1999, U.S. banks were excepted from the definitions of "broker" and "dealer" under the Act. The GLBA amended the Exchange Act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of Commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since October 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The Division of Trading and Markets has issued a special compliance guide for banks, entitled "Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules," which is available on the SEC's website at:

The bank exceptions and exemptions only apply to banks, and not to related entities. It is important to note that exceptions applicable to banks under the Exchange Act, as amended by the GLBA, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks. As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the Act. Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the Act.

Any reason you chose to delete the paragraph following this which notes subsidaries of banks are not exempt?

 

[Rocko]

guide to broker-dealer registration (april 2008)


banks. Prior to the enactment of the "gramm-leach-bliley act" ("glba") in 1999, u.s. Banks were excepted from the definitions of "broker" and "dealer" under the act. The glba amended the exchange act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since october 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The division of trading and markets has issued a special compliance guide for banks, entitled "staff compliance guide to banks on dealer statutory exceptions and rules," which is available on the sec's website at:

the bank exceptions and exemptions only apply to banks, and not to related entities. It is important to note that exceptions applicable to banks under the exchange act, as amended by the glba, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks. As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the act. Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the act.

proof

umm the banks didn't need to register as broker dealers but brokers that worked in banks needed to be registered.

 

[Dot Com]

Interesting the chairman of the Fed during that time was a Randian like Ryan (R)

[ame=http://www.youtube.com/watch?v=GDturNW_ANc]Fed Reserve Chair Greenspan admits his Ayn Rand "Atlas Shrugged" deregulation ideology doesn't work - YouTube[/ame]

markets can't regulate themselves when theres HFT crooks running loose

 

[Truthmatters]

I have given you people fact after fact and you have given me next to nothing but insult.


you cant make policy based on lies and devoid of facts to back your position and expect people to respect you

 

[Truthmatters]

Guide to Broker-Dealer Registration (April 2008)


Banks. Prior to the enactment of the "Gramm-Leach-Bliley Act" ("GLBA") in 1999, U.S. banks were excepted from the definitions of "broker" and "dealer" under the Act. The GLBA amended the Exchange Act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of Commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since October 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The Division of Trading and Markets has issued a special compliance guide for banks, entitled "Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules," which is available on the SEC's website at:

The bank exceptions and exemptions only apply to banks, and not to related entities. It is important to note that exceptions applicable to banks under the Exchange Act, as amended by the GLBA, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks. As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the Act. Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the Act.

Any reason you chose to delete the paragraph following this which notes subsidaries of banks are not exempt?

But NOT the banks huh

 

[Truthmatters]

Not one of you have met the burden of proof Ive given you.


Its how you opperate.

you ignore facts you dont like and make up news ones

 

[Rocko]

I have given you people fact after fact and you have given me next to nothing but insult.


you cant make policy based on lies and devoid of facts to back your position and expect people to respect you

You have a problem disseminating the facts.

 

[saveliberty]

We have debunked lie after lie you have put forth TM.