[Iran Press TV Latest] US Senate Banking Committee Chairman Senator Christopher Dodd (D-CT) has introduced a bill to reduce certain high-risk activities in the American banking industry that has been blamed for triggering the nation's worst economic slump in 60 years.
Under Senator Dodd's bill, the Federal Reserve Bank (the US central bank) will have the right to investigate what they deem risky or suspicious activity, reported Wall Street Journal today.
Additionally, the bill will bring large financial companies that are not banks under the domain of the Fed's supervisory powers.
The plan will also see the establishment of a body within the Federal Reserve Bank tasked with protecting consumers' financial interests, such as credit cards and mortgages, the paper reports. This new entity would be independent within the Feds and would have its own budget and rule-making authority.
Mr. Dodd's bill has triggered anger among Republicans in the Senate who believe the bill goes too far and insist that the Fed itself should retain responsibility for protecting consumer interests. On the other hand, the plan is inadequate for many Democratic senators who prefer to see an entirely new agency.
The bill also entails serious outlays among many institutions, with the largest financial firms required to pay into a $50 billion fund, should there be any more financial collapses in the future.
Under Senator Dodd's proposals, there will be restrictions on large bank investments in or sponsorship of hedge funds or private equity funds.
Dodd has also been blamed for being principally responsible for pushing through legislations allowing financial institutions to continue offering huge bonuses and perks to top banking executives even after they were rescued from total bankruptcy by hundreds of billions of tax-payer funds granted to them by the US Government.
Posted by: Fred ||
03/17/2010 00:00 ||
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#1
now THATS a used car salesman if I ever saw one.
I wonder if he ever had to sit for hours with hydrolic fluid dripping on him. Naaa. I do not wonder.
#4
This nation is/was the most powerfull and richest in the world because of risk taking. This thug wants that money. Just like Obama said, "This is the wealthiest nation in the history of man kind." And change is what his Presidency is all about. Changing ownership of that wealth from those who created it, to those who want to steal it.
Posted by: Bob Gleanter3083 ||
03/17/2010 9:23 Comments ||
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#5
Now that the horses have been out of the barn for over a year old Chris finally decides he has to do something about it.
Gallup Daily tracking poll: 47% disapprove, 46% approve, the other 7% were too busy watching The Young & the Restless to decide.
Considering how unpopular his major initiatives are, I'm surprised it took this long.
Posted by: Mike ||
03/17/2010 15:24 ||
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More accurately, Rasmussen: Overall, 44% of voters say they at least somewhat approve of the President's performance. Fifty-five percent (55%) disapprove.
Not coincidentally: The new Rasmussen Reports national telephone survey finds that 45% would vote for their districts Republican congressional candidate while 35% would opt for his or her Democratic opponent. Voter support for GOP congressional candidates increased slightly from last week, while support for Democrats fell two points.
Posted by: ed ||
03/17/2010 15:49 Comments ||
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#2
Or the lemmings head for the cliff despite all warnings. Oh well.
#3
Bret Baier took this tool to school today in his Fox interview, not letting him filibuster and non-answer with talking points. BB did well...
Posted by: Frank G ||
03/17/2010 18:50 Comments ||
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#4
Not gettin' easier for the Bammer.
To wit,
CHINESE MILITARY FORUM > {Telegraph.UK]CHINA'S POLITBURO SPOILING FOR A SHOWDOWN WID AMERICA; + PREMIER WEN GIVING THE WEST WARNING SIGNS | WEST DOESN'T TAKE CHINA'S LEADERSHIP SEROUSLY | CHINA'S LEADERSHIP TAKES AN INCREASINGLY ASSERTIVE TONE.
and
YAHOO NEWS > YEMEN-AMERICAN IMAM CALLS FOR US MUSLIM REVOLT.
and
PAKISTANI DEFENCE FORUM > US STTAES DISTANCING THEMSEOVES FROM THE FEDERAL GOVT., OVER 40 US STATES DECLARE [forms of Local]STATE SOVEREIGNTY.
and
DAILY TIMES,PK > JORDANIAN KING SAYS JERUSALEM IS "RED LINE" [demands World Community stop Israel's actions ala Al-Aqsa Mosque area construx].
and
PAKISTANI DEFENCE FORUM > SOUTH ASIA SPLITTING SIDEWAYS [espec as per INDIA's failure to lead SAARC Nations, NAM].
Saying "I take this vote with the utmost seriousness," Rep. Dennis Kucinich (D-Ohio) announced Wednesday morning that he will vote for the health-care bill now before the House, despite his reservations.
"I know I have to make a decision not on the bill as I would like to see it but on the bill as it is," said the congressman, who met with President Obama on Air Force One earlier this week about his opposition to the bill....
"The new proposal starts with a wholly unacceptable Senate health care bill and, with a few exceptions, continues to make it worse. It's a much better bill for insurance company investors than it is for the American people."
Like Louise Slaughter (she of the eponymous rule), Kucinich is now in the position of having -- publicly and vehemently -- opposed the Senate bill before he supported it.
Posted by: Mike ||
03/17/2010 10:45 ||
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whore
Posted by: Bob Gleanter3083 ||
03/17/2010 11:07 Comments ||
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"The new proposal starts with a wholly unacceptable Senate health care bill and, with a few exceptions, continues to make it worse. It's a much better bill for insurance company investors than it is for the American people."
But you'll vote for it anyways?
You do realize that this makes you sound like an idiot, right, Dennis? I mean, not that most people didn't know that...
#5
Disgusting. Ya got taken up in AF1 so only the hand-picked are around to hear what the, umm, offer is. How is that transparent Congress again? Perhaps the most offensive politicing I have witnessed in my life, starting to get a little tired of it, the president of the united states taking an individual openly against one of the president's policies up for a private jetset-mansion talk. I hope Kucinich sticks with his guts (however much I disagree with them he does seem like he talks what he actually believes) and votes no; its not like anyone should trust Obama's word anyways, right magic bus of doom?
#6
I always imagined Kucinich probably used to be that odd little boy who would agree to eat worms at the bus stop hoping to impress the popular kids. Apparently, my suspicions were correct.
"You do have to be very careful that the potential of President Obama's presidency not be destroyed by this debate," said Kucinich. "Even though I have many differences with him on policy, there's something much bigger at stake here for America."
#13
dk is just another POL who thrives on positive feedback. His whole NO stance was contrived for his arrival at yes (not a bit surprised is anyone?). The time in the spotlight doubles by doing the switcheroo. DK is just another member of the duplicitous class thriving within hedonism.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[Iran Press TV Latest] US Senate Banking Committee Chairman Senator Christopher Dodd (D-CT) has introduced a bill to reduce certain high-risk activities in the American banking industry that has been blamed for triggering the nation's worst economic slump in 60 years. 
Saying "I take this vote with the utmost seriousness," Rep. Dennis Kucinich (D-Ohio) announced Wednesday morning that he will vote for the health-care bill now before the House, despite his reservations.
