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Congress Comes A Step Closer To Financial Overhaul

June 30, 2010 by  

Congress comes a step closer to financial overhaulOn June 25 lawmakers approved a bill that reconciles the House and Senate Wall Street reform proposals, clearing the way for final votes on what has been described as the most sweeping financial sector overhaul since the 1930s.

Legislators worked through the night to cap a two-week-long session and reach a historic agreement on the reform that will impose greater oversight of hedge funds and derivatives market, limit proprietary trading by banks and possibly break up firms that are deemed "too big to fail," according to media reports.

Investors will also gain more power to sue credit rating agencies, which have been implicated in the 2008 financial meltdown, and a consumer protection agency will be set up.

President Obama praised the compromise saying that "we are poised to pass the toughest financial reform since the ones we created in the aftermath of The Great Depression."

However, not everyone seemed to share his views. William Isaac, the former chairman of the Federal Deposit Insurance Corporation (FDIC), said that the bill does not accomplish its goals.

"We haven’t done anything to repair this 100-year-old regulatory structure," he said, quoted by Bloomberg.

The final votes in the full House and Senate are expected to take place this week, and congressional leaders hope to send the bill to Obama by July 4.
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  • J.M.R.

    YES THE DICK-TATER IS GOING TO SAVE US ONCE AGAIN. HE’S SUCH AN ASS ITS NOT FUNNY. BECUASE OF HIS PARTY WE GOT INTO THIS MESS IN THE FIRST PLACE JIMMY CARTER COMES TO MIND. WELL THEY SCREWED IT ONCE DIDN’T DO A GOOD ENOUGH JOB OF IT SO THEY WILL TRY AGAIN AND REALLY SCREW IT UP.

  • http://None Hank

    The first thing the bill should have in it – GET RID OF BARNEY FRANK – How does this crook get away without a mark when he an his cronies got us into the sub prime mess – Not the banks . When is the press (the liberal media) going to take this jerk head on or have all the media and their friends been exempt from a real estate drop of value???

    • 45caliber

      What is even worse is that Barney Frank and friends have come up with a new “invention”. IF the cap and trade bill is passed and everyone is assigned carbon points, he and his friends via FannyMay and FreddieMac will “Sell” all points on YOUR property to industry that wants to grow. He and they stand to make billions selling off YOUR points. He even has a patent on this, for Christ’s sake! He stands to pick up billions even if he doesn’t sell a dime and is no longer in charge!

    • http://?? Joe H.

      Hank,
      With Bawney, it’s not who you know, it’s who you ….!!!!!

  • Debbie

    I would like to know all of the pros and cons of the overhaul and
    small print that people never hear about until after the fact. Has anyone read the full bill?

    • J.M.R.

      DON’T NEED TO READ IT. WHEN THE CROOKS IN D.C. SAY THEY ARE GOING TO FIX IT WE KNOW BETTER

    • 45caliber

      Of course not. Don’t you TRUST him? Like everyone had to do on the healthcare bill?

  • Kris

    There is an e-mail by Dodd saying that this bill will control every aspect of the American people’s lives. He said we won’t have any idea until it’s passed. He brags about this! More help for the dictator nobama!

  • s c

    I don’t believe the retards in Washington are capable of passing ANY legislation that will help America. This is the same group that looks at The Anointed One as someone who is infallible. No doubt, the “Pelosi” standard will be used. That is, ‘we have to pass it to find out what’s in it.’ BS!
    With the possible exception of Stalin’s robots, NEVER in the history of the world have there been so many RETARDS in positions of authority in ANY country! Those rejects couldn’t find their way to a toilet without help.
    People, if you don’t understand what’s going on by now, you might as well submit to a chip, put on chains and get ready to try and endure the wrath of a nation that will NOT go down without a fight. Open your EYES, and be an American citizen while you can!

    • Karen Pooler

      You insult the mentally challenged by alluding to our elected politicians in the same vein. Our politicians know exactly what they’re doing, unlike our mentally challenged citizens. They’re totally aware, they’re only out for themselves! They want us all
      subservient to government, kept broke through over taxing, regulating every aspect of your life, and in general think we’re to stupid to understand what they’re up to, or, intelligent enough to know where they’re leading us. I would just like some concrete ideas on how to return our country back to sanity. How do we keep all these Obama sheep, from following this corrupt shepherd to slaughter and follow
      the sheep dog to safety from the wolves, when they’re infiltrated by wolves in sheeps clothing? Like the old addage goes, you can tell when a politician or lawyer is lying, his mouth is moving.

  • jopa

    Well were off to a good start with some wallstreet reform but we need more. We only have to look at the Gulf of Mexico and Americas economic disaster from the Bush era to see where deregulation gets us.Thank you Mr. President

    • 45caliber

      I really get annoyed when people blame deregulation for every problem without learning what deregulation was done. For instance, regulations written by the feds were forcing those of us in Texas to pay five times as much for natural gas from our own wells as those in New England. There was a lot of screaming when that got “deregulated” but it certainly helped Texas and it made those in New England pay their fair share.

      • JC

        He’s a progressive stooge repeating his progressive stooge mantra.
        Ignore him as and all like him will be going away soon anyhow.
        We’re heading back down the road to Americanism and if these progressive morons are smart (as if!) they’ll learn to keep their communist crap to themselves.

  • Robert

    Yeah, let pass this Obamanation of a reform bill. How else do you think we’ll be able to achieve 40% unemployment. This bill is another one of those quick fix it all bills that the morons in Washington believe is best for us. Why don’t they just all jump in the Gulf and save the coastline. They would make great oil dispersants. Not even oil would want to get close to these idiots. Vote them all out this November, they’re killing this country.

    • 45caliber

      Actually this bill is not a quick fix. It is designed to dump millions into their own pockets while taking it away from everyone else.

  • WarriorH

    Goody Goody, I can’t wait to start paying all these new fees and getting returns on investment in the negative column.

  • http://Verizon Bud G.

    Hank: You are absolutely right about Barney Frank but add Chris Dodd, Mr. Donaldson and Mr. Geither to the mix because they were all involved in the Fannie Mae, Freddie Mac fiasco. I see a lot of traffic on the internet suggesting some of the initiatives are patterned after the Carter Administration. Isn’t that encouraging since he is looked at as being the worst President in modern times but I think the present one is going to surpass him by a wide margin.

    To add insult to injury, these are the very people put in charge of the present financial reform. Is this some kind of sick joke or is this administration just plain incompetent? I believe their record to date provides the answer. Thank goodness we will have the opportunity to vote most of them out in November and hopefully make this a lame duck administration until they can be voted out.

    • 45caliber

      I think Oblama has already exceeded Jimmy Carter as the worst President in history. He’s taken less than half Jimmy’s term to do more damage.

      • J.M.R.

        you got it right 45

      • Richard Pawley

        The worse president in history was not Carter. It was Democrat and Progressive Woodrow Wilson. He segregated the military which was integrated at that time because he was a Ivy League racist, he fought violently against giving the vote to women, he ran on a ticket to keep us out of war and within months got us into WWII. He agreed to turn over the money operations of the country to a mostly foreign owned private bank if they would support his bid for the presidency, which they did, and he then conned or bribed the dumb congress to support the establishment of the new Federal Reserve Bank. Of course that necessiated the established the first progressive income tax that had been recommended by Karl Mark some 65 years earlier when he invented socialism that was first started in Germany (the dollar by the way has lost at least 95% of its value since Wilson did that – it’s called inflation and is the most hidden of taxes when it is gradual). I could go on but it’s late and I am tired. If Obama continues to work at it he can top Wilson one day but so far no one else even comes close to him as the worst president. He was the only elitist PhD that we have ever had as President. Thank god! If the curent administration really wanted to fix the banking problem all they needed to do was rescind the Gramm–Leach–Bliley Act of 1999 that rescinded all the laws from the 1930′s that kept the banks from doing what they did once they were free to do so. The banks and their lobbiests paid, or whatever lobbiests call it, some $300 million in 1999 to get Congress to overturn those laws that kept us safe for generations. This this new very expensive bill which will add thousands of new government jobs at big salaries but I don’t think it even gets into investments in derivatives and credit default swaps that now exceed the worth of the planet by many times. They are partly the reason I called my little book “The Last Days of the Late Great United States”. I know a little about writing but nothing about publicity but I doubt I will write another. If no one is helped why bother. This new bill, thousands of pages long is just another Congressional sham to fool the public into thinking they are doing something but it doesn’t change anything in real life. We would be better of if we just paid these people to stay home but their salaries are a tiny part of all they get once they go to the hill. THESE PEOPLE MUST BE REPLACED THIS NOVEMBER. There is no alternative. God help us!

        • http://?? Joe H.

          Richard,
          wilson may have segregated the service, but Odummer has set back racial relations by at least 30 years!!!

    • JC

      Bud, It was also the Clinto administration working with their friends like the Kenyan who decided to remove all restraints from Freddie Mac and Fanny Mae so that “everyone” could own a house whether they could afford it or not.
      As usual the progressives work from behind the scenes (under a slimy rock) to further their cause using “for the good of the people” rationalle to further their agenda of control.
      These people need to be held responsible.

  • Chris

    This bill is a sham, it is not Ron Pauls bill S-604 which would have required full audit of the FED, The same bankers & polititions that created this mess is who voted for this compromise of a bill. Tim Giether worked for the Feds, & the IMF. He knew what was going on at AIG, & they should have been put out of bussiness, instead we the tax payer bailed them out 100 percent. it is the fox guarding the hen house./

  • http://none Joseph

    God I can’t wait till Novembers elections.And the end of Obamas reign as a progressive.Next presidential election, I hope and pray we have a president who has humility and love for his nation.

  • JC

    If we are to have any meaningful change for the betterment of America,
    we must first, End The Fed, and second End Lobbying for special interest groups. Both are responsible for unlimited corruption and legalized plunder in America.

  • http://GOGGLE vaksal

    TRUST THE SNAKES THAT HAVE DESTROYED THIS NATION,I AM OLD BUT NOT STUPID.you can bet these people that have crafted this overhaul are up to no good period! throw out the fed and hang all the lobbyist,that would help more than all these phoney reforms,but like they say,the more smoke you have,the easyer to clean the house out( ROB IT BLIND).DID THESE PEOPLE THAT PASSED THIS BILL EVEN READ THE WHOLE THING?.these people running this mess are like a bunch of snakeoil peddlers,buy the bottle it will cure every ill you have or will have,in the small print in the back of the bottle( IF YOU LIVE THAT LONG).

  • http://fcernhart@yahoo.com Marianne to all

    The Senator who reneged on his negotiations with Ron Paul to get the
    AUDIT the FED amendment into the Senate bill was –”drum roll”–
    the socialist from Vermont Bernie Sanders! The state motto there is
    “Live Free or Die” — can you believe it?? !!

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