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Conservatives Wary Of Financial Market Regulations Proposal

March 22, 2010 by  

Conservatives wary of financial market regulations proposal Adhering to the principle that less government is better, the GOP and some conservatives have reacted to the financial regulation bill proposal—the former by asking that the process be slowed down, and the latter by labeling it “the next government takeover.”

Last week, Senate Banking Committee chairman Christopher Dodd (D-Conn.) presented the proposed legislation that would give the government new powers to break up firms that threaten the economy, and create a Financial Stability Oversight Council that could place large financial institutions under the supervision of the Federal Reserve.

However, Republicans on the banking committee said that while they remain open to a bipartisan agreement on overhauling financial regulation, they are against trying to push the bill through too quickly, according to The Washington Post.

“Given the sheer magnitude and complexity of the financial reform package, this legislation will inevitably have a substantial impact on our financial system and overall economy,” 10 members of the committee wrote in a letter to Dodd. “Accordingly, we urge you to allow for sufficient time to review the language.”

Some commentators went even further, saying the bill would “create a vast new bureaucracy” that would have unlimited powers to control the financial industry and stymie economic innovation and growth, according to Human Events, a conservative news website.

“[It] would exert unprecedented government controls over virtually every segment of the nation’s financial system,” commentator Donald Lambro wrote on the website.
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  • Big Al

    After all the happened due to Wall Street greed, how can one possibily be against adding regulation and oversite to it? WS greed almost crippled the country and the economy. By the end of his presidential run, John McCain was in favor of it. Being against keeping WS in check would just be partisan hackery.
    “Dodd’s bill would provide more oversight of the largest firms to avoid situations where failure at one institution could threaten the entire system; allow greater regulatory oversight of exotic financial products, such as derivatives, and give shareholders a say on executive salaries and bonuses.”
    How can anyone be against this?

    • Jerry Mobley

      Big Al,
      I am against anything that creates another useless government agency, which the dodd bill does. We are a Free Enterprise nation. Free means that businesses are free from any form of government intrusion that favors one business or area over others. Less goverment allows the free market to regulate itself. All our economic problems have been caused by government intervention and will always remain that way, as long as people feel the goverment must protect them from economic ills. People must protect themselves from the greatest threat, their government. We already have anti-trust laws on the books but they are only enforced selectively and that is the root of the problem. The Glass-Steagall Act of 1932 was on the books and would have prevented our current economic calamity, except it was repealed by the government to favor the banks and to all other businesses detrement.

      • Big Al

        Jerry: “Less goverment allows the free market to regulate itself. ”

        Have you been paying attention the last two years?

        This is what McCain said when he ran for president–THEN THE ENTIRE ENCONOMY COLLAPSED. If we’ve learned anything, Wall Street and the economy will not and do not regulate themself because of their own greed.

        For Christ’s sake, are you serious? What exactly happened last year, in your estimate? Wall Street was trusted to regulate itself! It won’t. The very restrictions removed by Bush and Clinton led to this collapse.

        • Chuck

          What happened the last few years was the bubble burst. The thing is – WHO CAUSED IT? The current administration would have you believe that it is Greed that caused it. That probably DOES have a grain of truth in it, but by far the biggest culprit is our government.

          They consider it a RIGHT for funds to be made available to whomever so they can own a home. Many years of policy and legislation focused on getting people to buy homes – and creation of Freddy and Fannie were the real true primary culprits.

          There was a time when a single mother of two kids who was struggling to pay the bills would be considered a CREDIT RISK – and no financial institution with any sense would loan money to her to buy a home. Then the government gets involved and twists the arms of the banks to make risky loans – or just makes it possible to get her “into a home” by making money easy with Freddie / Fannie.

          The problem here is that the Government should in no way be “pushing” home ownership. That is one of the real core problems. It is that, and other tampering with free enterprise that have caused the problems.

          Bottom line is that the Government tampering with the free market in that, and many other ways is the real and true problem.

          • Big Al

            So just ignore that the REASON behind what you said is due to a complete lack of oversight–Items like credit default swaps, poor SEC regulation, etc? You have to get to the core of the issue–it wasn’t the bubble. It was why was giving loans to those who couldn’t affored them was allowed and why it was so profitable and worthwhile to huge firms at the end of the day.

        • eyeswideopen
        • s c

          Stop it, Big. Like most ultraliberal progressives, you don’t know the difference between a free market and a dictatorial, GOVERNMENT-MANIPULATED abomination. America has not had a free market system for many years.
          It is no accident that the one thing our Washington scum won’t talk about is GOVERNMENT’s role in this manufactured disaster. Obummer is taking over for a long line of progressive paranoids [Wilson and FDR are prime examples]. They are intent on destroying America from within. These sons and daughters of evil have no place in America or the free world.
          Control is a god to these vermin. Paranoid control is the means. It is done slowly, and only now are we seeing the culmination of their generations of infamy. Grow, up, Big. Next you’ll tell us you’re a
          Second Amendment lover whose only problem with guns is the many people who have them.
          Trying to take away those guns will be a most ‘interesting’ experience. Are you and your chums ready to put your health insurance to the test?

          • Big Al

            S C,
            I am a gun owner. When you can’t actually defend your position, you change the subject. My eight year old tries that when he hasn’t finished his homework. No one is taking your guns. But that is a nice way to end every argument–just bring up something that has nothing to do with the conversation and work only to change the subject.
            Nice job.

  • Norm

    If the Dems propose it, the Repubs are against it. No ifs ands or buts. This nonsense has to stop.

    • Doc Sarvis

      I agree Norm. No action on Financial sector reform is keeping American, our economy, and to a large extent, the world economy at huge risk. No action also promotes large profits for the very few at the expense of everyone else.

      • Joe H.

        another traitor heard from!!!

      • Joe H.

        Doc Sarvis,
        you never answered me after you called rush a deserter the other day. WHERE DID YOU SERVE???? Now Stephaan said the salvation army and I guess the Boy scouts but inquiring minds want to know!!!

        • Doc Sarvis

          Actually, I don’t recall you asking that question. My answer is Boy Scouts-yes and the rest is classified.

    • eyeswideopen

      Norm, here is interesting link about ss. http://onlinejournal.com/artman/publish/article_2715.shtml

  • James Corbin

    Dodd is one of the biggest crooks of all times!!!! Off the record——Obama kept saying about the insurance companies——But I would trust the insurance companies over Obama—–<He lies!!!!!!

    • Jerry Mobley

      James Corbin,
      Who does obamacare benefit the most, the insurance companies, with 300+ million customer that are government mandated. obama has done nothing but lie to the American people.

  • http://www.personalliberty.com/news/pediatric-patients-with-chronic-pain-look-to-acupuncture-19609231/ James A Graham

    From: James Graham
    Date: 3/22/2010 12:16:59 AM
    To: undisclosed-recipients
    Subject: Proposed 28th Amendment to the United States Constitution

    As a retired military man that have given over twenty-seven years of my life to my country, I truly feel that what this
    Country needs most is a new amendment to the Constitution . I am recommending that we add the 28th amendment to the Constitution of the UNITED STATES.

    For too long we have been too complacent about the workings of Congress. Many citizens had no idea that Congress members could retire with the same pay after only one term, that they didn’t pay into Social Security, that they specifically exempted themselves from many of the laws they have passed (such as being exempt from any fear of prosecution for sexual harassment) while ordinary citizens must live under those laws. The latest is to exempt themselves from the Healthcare Reform that is being considered…in all of its forms. Somehow, that doesn’t seem logical. We do not have an elite that is above the law. I truly don’t care if they are Democrat, Republican, Independent or whatever. The self-serving must stop.

    This is a good way to do that. It is an idea whose time has come, Jim.

    Proposed 28th Amendment to the United States Constitution:

    “Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Congressman, Senators and Representatives; and, Congress shall make no law that applies to the Congressman. Senators and Representatives that does not apply equally to the citizens of the United States”.

    This 28th amendment to the Constitution of the UNITED STATES Would apply to all passed, present and future
    congressman, Senators And Representatives.

    HTCM USN Retired James A. Graham E-Mail address is ( jagraham@charter.net ) Please forward !!!!!!!

  • eddie47d

    That might be a good idea Mr Graham. On to the regulations issue. Business is free to shaft us every which way but loose.If they can’t police themselves then We The People will do it ourselves.Government involement should be limited (as an arbitrator) then move out of the way. We can only hope that a company will improve itself and the “arbitrators ” won’t have to come back in. When the government messes up we have the vote and political pressure to try to keep them in line.

  • Doc

    We just have too much government with the wrong people in control. The number of attorneys and Jews should be limited to the same percentage as they are in the population ….. not in total control. All executive orders should be revoked and forbidden …..passing laws is the responsibility of Congress and not the President. The Constitution gives the President the authority to sign a bill or not sign it and Congress can still pass it with enough votes. Foreign aid should be eliminated. Most of it ends up in Swiss banks in some foreign politicians account with kickbacks to our bureaucrats. All laws should be evaluated every year and if not appropriate at the time they should be eliminated. The federal reserve should be audited, the results made public so the crooks can be jailed, and then eliminated.

    • Joe H.

      Ah, now I understand you Doc, You are an anti-semite!!!! Racist!!! Go back to Germany where you belong!!!!

    • Victor Barney

      Doc, by the way, are you Islam and/or Satanic like our President? Can’t remember America ever being run by an Islamic-born and trained “American?” President before?

  • Doc Sarvis

    I hope you realize that was not me.

    • Joe H.

      where doc Sarvis?

      • Doc Sarvis

        Doc is NOT Doc Sarvis.

      • Doc Sarvis

        Doc says is Not Doc Sarvis.

  • Victor Barney

    Just like the Marxist wanted Government run health care that they wanted and they got; they’ll pass the Financial Market Regulations Proposal! There has been a Marxist (Anti-Messiah) takeover of our government(I say anti-messiah only because the creator of Marxism, Karl Marx, said that it was and he should know)! Now, going by the real book, it’s time for “Jacob’s trouble” to really begin!

  • eddie47d

    Nasty Victor, IT would be nice if I could say a kind word about you,but you failed again.I think you want to be a Christian but nothing you say convinces me of that. Did the devil get ahold of your tail?

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