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House GOP Members Seek To Dilute Financial Overhaul Law

July 8, 2011 by  

Republicans in Congress are going after the financial overhaul bill.House Republicans have been working to water down President Barack Obama’s financial overhaul law through various bills.

According to The Associated Press, bills have been approved by committees headed by members of the GOP that would lessen the regulations regarding corporate salary reporting and would exempt certain investment advisers from registering with the Securities and Exchange Commission. In addition, another committee approved a bill that would cut $200 million from the $1.4 billion SEC budget requested by Obama.

Representative Jeb Hensarling (R-Texas), vice chairman of the House Financial Services Committee, called the financial overhaul law “a job creator’s nightmare.”

The law harms “the formation of capital, the cost of capital and access to capital, and you can’t have capitalism without capital,” the Congressman, who has been in the House since 2003, told the news source. “So Republicans in the House will be examining each and every one of the 2,000-plus pages” of the legislation, he told the news provider.

Democrats reportedly feel that they will be able to block any major changes to the law because they hold the Senate.

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  • s c

    Is this administration so incompetent and twisted that legislation can’t be passed unless it has a 2,000+ page minimum? People, complicated legislation means part of its intent is to confuse
    and give citizens reasons to let “others” deal with it. It is legislation via coercion. It is pc on steroids.
    Legislators must learn to fashion legislation that has no more than 100 pages. Anything beyond a 100 page limit should be set aside and edited and re-edited until its creators are punished and driven out of Washington.
    BS is bs. Complicated bs is worse. Didn’t everyone learn that lesson when Herr Obummer’s healthcare abomination was brought into existence? What don’t
    adults get about easy to understand and SIMPLE?

    • Lost in Paradise

      Everything!!

      • WARLORDX

        If it can’t be stated in 100 WORDS, or less, it’s only function is obfuscation, and lobbyist benevolence. The enacting regulations should be limited to FIFTY pages. That government governs best which governs least.

    • meteorlady

      We had Glass-Steagall which was not perfect but seemed to have worked for quite some time. Clinton repealed it and Chris Dodd and Barney Frank started writing the 2000 page bill. No telling what is really in the thing, but I can’t say it would be good since they got mega bucks from Goldman Sachs, for one, lining their campaign chests.

      • Mark in LA

        Clinton signed the Republican sponsored bill to end Glass-Steagall. Remember this was Phill Gramm’s “you are all whiners” legislation when he was Wall Street’s errand boy.

  • Warrior

    And while your at it, get the guvmint out of the student loan program, healthcare, education, railroads, housing, etc., etc., etc. The whole patronage/vote scheme has gotten old.

    • meteorlady

      Oh the dream….. I wish……..

  • BigBadJohn

    “bills have been approved by committees headed by members of the GOP that would lessen the regulations regarding corporate salary reporting and would exempt certain investment advisers from registering with the Securities and Exchange Commission.”

    Oh ya there’s a good idea, let these guys get away with not reporting salary or even registering with the SEC…..

    Talk about opening the whole mess up for corruption!!!!

    • ValDM

      You’re not kidding!!!! These are all about rewards to Wall Street. How about the GOP focuses on eliminating the 1% surcharge on ALL BANK transactions? This means that every time you go to ANY kind of store, make your purchase & pay with ANY kind of card/check, you owe an additional 1% on the purchase. When this bill is implemented, you can bet your last dime that I will be a “cash only” customer.

  • TIME

    I will say this yet again, Its not a (RebO v DemO) game, there are as many progresive’s within both of these units that they are no longer differant units. They are BOTH but ONE!
    Saddly the only people that have not figured this out yet is the American Public. Wake the hell up.

    There is only one thing political partys are to do and oddly they do everything but that single job, and that job is to protect our nation by way of collecting a small % of tax. End of Story.

    You can rationalize in your own mind any other formats they are alledged to over see, but the “facts” are there are non.

    We don’t need to give American Tax Payers moneys to any other nation on this planet. Nor do we need to be the worlds Police, nor do we need to aid other nations with Food, nor do we need to supply any other nation or nations with our Factorys and jobs, NAFTA etc..

    We don’t need political partys that DIVIDE and DESTROY this nation by way of outlandish laws that bind and control and distort personal Libertys, while all the while taking away your FREEDOMS based on the Bill of Rights as well shreeding the Constitution of this Nation.

    So all this Huff & Puff from the media of what is agenda driven by the political partys true masters the NWO gang or perhap this would be a tad more easy to grasp the “Robber Barrons” is nothing but 100% total Bull Sh*t from start to finish.

    People Wake UP. If you don’t soon, then don’t bother, How many of you know that as on the 15th of this month thats; July 15th 2011 buying or selling of Gold and Silver will make YOU a criminal.
    Did any of you know that?

    So let me ask you if you have a silver coin and sell it do you really think that makes you a criminal?
    If you buy a gold ring and melt it down and sell it that also makes YOU a criminal? You tell me what about any of this is within reason.

    How long do you think it will be before even gold or silver in your teeth will make you a CRIMINAL?

    Will you slow witted twinkies that think your a DemO or a RebO wake up and get a grip. Your either an AMERICAN or your not, So what is it?

    If you like the idea of being a (progressive socialist / marxist) the true meaning of progressive party, there are many nations that would love you as one of their own.
    Please don’t let the door hit you in the ass on the way out.

    • BigBadJohn

      “People Wake UP. If you don’t soon, then don’t bother, How many of you know that as on the 15th of this month thats; July 15th 2011 buying or selling of Gold and Silver will make YOU a criminal.”

      Wrong – over the counter trading becomes illegal, that is, trading gold and silver on the commodity markets – ON MARGIN. Not ownership of gold and silver.

      That applies ONLY to metals traded on Margin,
      and is not a restriction provided the transaction
      is closed within 28 days. (delivered)

      This is an anti fraud measure designed to protect the consumer
      during a volatile trading environment to avoid conflict over price per oz.

      Also the Dodd measure does not contain language
      to any effect reflective of the wording of that email.
      Nor any mention of gold/silver coinage bought and sold
      on the consumer level. Or personal sale.

      This basically means that if you purchase gold/silver on margin
      from companies representing themselves as traders qualified to do such,
      they must be a legitimate, licensed trading entity

      Is ownership next???? Who knows but on July 15th the only thing that happens is they are no longer traded on FOREX.

      • Al Sieber

        Ownership is next, I sell gold on the black market anyways, been doing it for years. however by Jan.1st,2012 all gold and silver transactions over $600 must be reported to the Govt., this was in Obama’s Health Care Act. this could cause a new Hugh underground black market.

        • Lost in Paradise

          Yet another money maker for the mafia.

      • TIME

        BBJ
        Are you really that mindless? I guess so, as you seem to feel that eating a wad of utter propaganda is good for you, so if your head is that full fo fairy tails and little clouds of pink and wounderful bubbles, good for you.

        All the frame work in place for just what I posted, if you can’t see the tree’s from the Forest well again I am just so happy for you it must be nice to live in such a small box. Go back to sleep and enjoy your world based on worthless Political ya ya.

        • BigBadJohn

          Time
          Back up the truck – YOU are the one that sounds like chicken little.

          On one hand you claim “Its not a (RebO v DemO) game,” However, ANYTHING that happens while Obama is in office is, by default, the worst possible scenario. Were you that concerned while Bush and the republicans got us to this point? Or do you just believe everything that Beck and FOX news tells you to believe?

          • TIME

            BBJ,
            I didn’t vote for GWB so don’t drop that load of crap in my lap its just not going fly.
            Where was I when the PA was signed; I was saying NO DAMM WAY, wake the hell up people.
            Where was I when GWB exposed the frame work for the NAU, doing the same damm thing. Just as I said when No child left behind was touted by GWB, I stated it was worthless as tits on a bull.

            So Don’t give me that “standard half cooked quasi Liberal road apple cake” its not going to work with me.

            I went to bat for the 1st amendment with good friend’s while all Americans sat on their hands as Al Bores wife & coffee clutch gang wanted to clip the wings of free speech let alone artistic representation.
            Yea that was me speaking with Congress about not allowing the Bill of Rights to be shreaded by some half baked Political BS.
            And where was it you were at again there old BBJ?

            Anything that has Dodds name on, it is, was and will never be for the benifit of the American Citizen. He never backed a single thing that he didn’t “profit” from, or strip away the rights and Freedoms of the American Citizen.

            No chicken little here dude, just the facts as nothing politicians like Chris Dodd backs is what it seems. Therefore if you can’t read between the lines your doomed.

            And just for the record Bubba, the there is no differance between Barry Soetoro or what the hell ever his name really is or who the hell he is and GWB. Both are scum bags plain and simple or do you need me to be more clear about that?
            Oh JFTR Clinton, and GB, are the same too.

          • Lost in Paradise

            You surely cannot believe anything the Demorats tell you!! They will have us all in chains, before the end of this decade, if not sooner.

          • meteorlady

            One more time……. TIME…

            GWB is NOT RESPONSIBLE for the No Child Left Behind Act. The Elementary and Secondary Education Act, is the central federal law in pre-collegiate education. The ESEA, first enacted in 1965 and last reauthorized in 1994, encompasses Title I, the federal government’s flagship aid program for disadvantaged students.

            George Bush on reauthorized it and gave it a new name. I think he was wrong to do that but LBJ I believe was the first to enact it.

      • Lost in Paradise

        Think about this, I do not like being protected or lead around by my weeny. TOO much government and TOO many laws, statutes,or whatever. I feel like I am being choked.I now want to fight bach, and draw blood.

    • eddie47d

      Go back to sleep Time in your “call to arms” in defense of those who manipulated the economy with their fancy financing,wheeling and dealing and plain and simple criminal acts. There are a few of you who love playing “robber barron”. You encourage,endorse and lavishly love the lives of the rich and famous no matter how they gathered their ill gotten gains. You have a knack for being there for your cut and slyly turning your back on their hooliganism. You and your cohorts feed on the robber barrons and are loving every minute of it. You never question the whys or why not’s of their actions as long as they are making you a pile of money. Few would say that is earning money but is taking something that never should have been yours in the first place. Keep hiding behind all your patriotic grandstanding while the likes of you pick pocket America. Robber Barrons have been doing that since forever and you are only an extension of that behavior. Wave the flag and “no one will touch me”. Capitalists and some Conservatives have already made a bad name for themselves with all their financial scams and schemes and you want to be the lead Pied Piper to more economic chaos. Of coarse,as long as you make out like a bandit.

      • TIME

        Manzier 47 D cup

        WOW ~ is your “BIG GREEN ENVY” buttom on overtime today little bubba?

        • eddie47d

          No I woke up a long time ago and smelled the stink coming from Financial Weasels who are willing to take the public for a joy ride. Financial misdeeds are one of the hardest crimes to prove in court because the laws are stacked in favor of those committing the crime.What they do can go on for years without anyone suspecting. They made their wealth and any attempt to track down those gains still leaves them rich. The individual and the court system is overwhelmed with all the paper proof that is demanded to settle a case. So what is a little embarrassment from the public when most of their loot can’t be touched.Financial gouging can give the Free Enterprise system a black eye yet we have those who allow it to happen.

    • meteorlady

      Buying gold and silver by private investors will not be illegal in July. I buy from a reputable company and they have assured me that this bill does not cover private citizens such as myself. It’s aimed at speculators and large institutions. We merely have to take possession of the item we purchased within 30 days of the initial transaction.

      But… still be wary of the government knowing that you have gold and silver and place these items in a safety deposit box (or bury them in the yard) so they can’t get their hands on them, because if the dollar does collapse, they will come.

  • GRusling

    This “2000 page bill” being “watered down” is the so-called “Dodd-Frank” bill, passed while democrats in Washington controlled everything, so consider the source and imagine the outcome…

  • eddie47d

    It’s a fact that Republicans always vote against Financial Reform and hold up confirmation of anyone in charge of that Financial Reform. I certainly wouldn’t expect them to do the right thing this time around either.They need these loopholes to pad their buddies accounts so they can also get their cut somewhere down the line. Yes I know the Democrats can be part and parcel of the same gimmickry. More often than not the Democrats do vote for Financial Reform and consumer bills to protect the citizens rather than Wall Street. Right now banks are making tons of money by withholding money. The interest gain is piling up for them as they refuse to make loans. I don’t think our Constitution says that these banks have the immoral obligation to make bad loans and get involved in another companies off shore schemes. That is exactly what these banks have done and why they fight any Financial Reforms.If they want to play dirty at the expense of the taxpayer then they have an obligation to accept Financial Reform. They could also cease and desist on their own but history has proven that they won’t do that. Now they are holding the economy hostage and laughing all the way to the bank. Wait a minute,they are the bank!!The same goes for much of the activity on Wall Street. Sure we can talk about Freedom within the business community but the banks and Wall Street control them too. All these banks want is the Freedom to screw each and every one of us. That is the Wake Up call to the consumer (individual and business owner).We have had a long string of Corporate misdeeds also;from The Keating scandal,Ivan Bosky,Michael Milliken,Arthur Anderson,Enron,Joe Nacchio, Lehmann Brothers and even Freddie and Fannie. Financial Reform is long overdue and then we can go after tax cheats like Geithner and those merry bands of bandits.

    • Bob

      Yes the private sector corruption and irresponsibility are bad. Those crooks are behind bars and should be. The press loves to come down on those crooks.

      The trouble is that the private sector crooks are choir boys compared to the irresponsibility and corruption in the federal government. Social INsecurity, Medicare, Medicaid and the government pensions are the biggest Ponzi schemes in the history of the world. Congress has spent us into oblivion far worse than Enron.

      The private sector crooks are put into prison and the public sector crooks (who are far worse) get re-elected.

      • eddie47d

        You are right about government corruption but lay off Social Security and Medicare. Their formula might have to be changed but they are good programs. It’s the crooks who have their sticky fingers in these programs till that have messed things up.

        • Raggs

          ED… Just a bite of reality…

          The government has mucked things up by spending OUR money that we have been paying in all of our lives… It’s the biggest ponzi scheme you could imagine… Now that oblama has blown his wad ( my money ) the beast is hungry for more… I say like so many others there is NO reason that I have to wiat until I’m dead to collect on MY money… meaning this.. The F-ER’s keeping raising the retirement ages to an unattainible level so they wont have to pay us back for what they borrowed…. Do you get it yet????

          • eddie47d

            I believe 2037 is the year for money to run out of SS. Even then it could go on for many more years if the politicians keep their hands out of it. I think an old fart like you Raggs will make it to the end.

          • meteorlady

            The Social Security Trust Fund is out of money right now today. It depends on money coming in. It’s all accounting (smoke/mirrors) and it’s not going to last long. Since LBJ started stealing from it to pay for Medicare/Medicaid (just like Obama stole from Medicare and put the extra money into Medicaid and his new health care “reform”), it has been doomed to die a slow and painful death.

            The government should be REQUIRED/FORCED to pay us back the money the stole from the citizens’ pension fund. Anyone else in the private sector that did this would be in jail right now today.

    • MSSouth

      After what Chris and Dodd did with the Fannie Mae and Freddie Mac boondoogle that was the main cause of the housing bubble, I don’t trust anything with either one of their names on it. And when both names appears, I want to run and run fast.

  • Think about it

    Government is the problem. Corrupt liars, take wonder boy Marco Rubio for instance, Sean Hannity said that he would be president some day, Well it may be true, he supports stealing our money fromm Social Security and Medicare, all in the name of its going to broke, so he is backing the cutting of SS and MC for people under the age of 55, know matter how much or for how long you have paid into it. I call it stealing our money so he and the rest of them ( the gummint ) can keep there bank accounts nice and fat.

    • meteorlady

      I have this really great idea…. set an age, pay the people back whatever they have paid into the Social Security system, and require them to invest in a safe fund, bond, etc. We could then have the government pay back what the stole from the system, and that would take care of the others until they were all dead and gone.

      • Mark in LA

        meteorlady – what is a “safe” bond. There is no such thing. Every financial instrument is subject to supply and demand and only has somen loose connection to real value. While you can calculate the present value of the payout from a bond, that value is dependent on the true inflation rate which is unknowable.

        People need to stop with the nonsense that you would be better off taking that money and “investing” it. You would be giving it to the worlds biggest parasites and crooks if it went to Wall Street. Britain had a scandal related to retirement funds and an article in the Investor’s Business Daily once admitted that only 25% of Chileans contribute enough to retire on. The othere 75% either don’t contribute or contribute so little they can never retire.

        http://www.independent.co.uk/money/spend-save/fraudsters-target-british-expats-in-retirement-havens-479006.html

        Anybody collecting now has put so little in to the system (including adjusting for inflation) that they collect everything they put in in less than 5 years, ask any actuary. Contributions to SS were very small until Ronald Reagan accellerated Carter’s tax increases to pay for his failing economic policies. He raised payroll taxes so that the income taxes on the rich didn’t need to be raised.

  • Lost in Paradise

    One thing is for sure, and has happened several times. WHen every the government, federal,or state, needs to balance the budget it is Always the citizens who suffer.

    If the stopped spending billions outside the country, there would be no budget problem. I am very tired of my tax dollars going out of the country, for whatever reason, and most of it is to buy allies/friends. Most of the people in the world either hate us, or restent us, so “NO MORE MONEY”.

    • Mark in LA

      What we send out in aid is a pittance compared to what we send out in military spending to support our 760 foreign military bases. I assume you mean that spending, correct?

  • Lost in Paradise

    I will say this, that our government is a total and dismal failure. We have had soooo much sunshine blown up our butts, that we do not know the truth anymore. Liberals, and Conservatives need to join together, and take this republic back by FORCE!

    I cannot believe my fellow Americans have become such Woosies. Do you actually like what they are doing to you? I think You do. You will use sites like this to vent and complain, but will do nothing. Oh OH I’m sorry, YOU will VOTE. EEEEEHAAAA, YIPPEE KYAYE or what ever, that will really help the situation.

  • http://Na. Robert Bradfield

    Hi, its that South African again.

    It looks as though South Africa is beating you in understanding the laws made. The requirement in South Africa is that laws should be written that a person with a grade 7 to 8 schooling should be able to read it. Even our tax laws have been changed are in the process of being changed to make it more understandable. 2000 page is longer than “War and Peace” and who has read that. It therefore looks to me that some of your comments are correct, blind people with pages and they will accept the abstract given by politicians.

    I keeping some powder dry means everyone approaching your representatives to ensure understandable laws – then work toward keeping a lot of powder dry. Greetings from me and work at it to get understandable laws.

  • Raggs

    I would love to “water down” obama’s bill after a case of beer. :)

  • Jay

    The Fabian Society founded in 1884 by British socialists Sidney and Beatrice Webb, George Bernard Shaw and others, the Fabian plan is to implement world socialism incrementally through legislation.

    Their more radical counterparts, the Bolsheviks, fomented violent revolution in order to trigger the bloody birth pangs of what they also hoped for, a socialist world. Fabians seek a gradual path to the same totalitarian goal, Godless Communism.

    Shaw named the society after the Roman General Fabius Cuncator, whose stealthy guerilla military tactics led to victory over the superior forces of the Carthaginian General, Hannibal. Cuncator avoided open battle, preferring the strategy of wearing down his opponent with elusive hit and run maneuvers.

    Like their namesake, today’s Fabians seek to avoid an open confrontation with the forces of freedom and, subsequently, tend to shield their true agenda from the light of day.

    The creed of the Society, written in 1887, was as follows:
    “It (The Fabian Society) therefore aims at the reorganization of society by the emancipation of land and industrial Capital from individual and class ownership…The Society accordingly works for the extinction of private property in land…”

    The Fabian plan was to infiltrate America by targeting our legal system.
    Sidney and Beatrice Webb, in 1898, toured American Colleges where they cultivated a following amongst native socialist intellectuals. One of their Fabian converts, Felix Cohen, a law professor at Yale, wrote the following:
    “It is possible to attempt the overthrow of capitalism as an economic system without at the same time attacking the substance of capitalist law…Socialists can learn from their adversaries that it is always possible to attack existing law, in the name of democracy, justice, and liberty, in the name of the great ideals of the American Constitution, and in the name of law itself.”

    The Fabians sought to overthrow our system by changing the meaning of our stated legal concepts, and to codify those changes with cases brought by Fabian lawyers before Fabian Judges. The effect of this has been that while the technical wording of American law hasn’t changed much, the implementation has been transferred from the citizen and his elected representatives, to appointed bureaucrats. The Fabians have, diabolically, used our own laws to change the law. Freedom is the victim of these Socialist manipulations.

    English intellectual Harold Laski, a Fabian disciple of the Webbs, founded the ACLU along with his American Fabian influenced associates Felix Frankfurter, Norman Thomas and John Dewey.

    Other leftist founders included Rev Harry Ward, founder of the communist front Federal Council of Churches, William Z. Foster, Chairman of the American Communist Party and author of “Toward Soviet America,” Communist Elizabeth Gurley Flynn, Socialist Eugene V. Debs, and Clarence Darrow, who was the ACLU attorney at the Scopes trial.
    Each one of these figures would wield pivotal influence over American society and would contribute mightily toward the implementation of the long-term Fabian goal of atheist tyranny.

    Frankfurter would go on to an appointment, by Franklin D. Roosevelt, to the Supreme Court where his progressive fingerprints can be found all over decisions transferring sovereign citizen rights to a “liberal” elite.

    Harry Ward would be a significant force in subverting the American Protestant Church in the direction of godless humanism.

    John Dewey is considered the father of “progressive” education, with the deliberate dumbing down tactics that dominate today.

    Clarence Darrow spearheaded the implementation of the theory of evolution as a state mandated religious doctrine.

    In the name of liberty, the Fabians seek to destroy individual rights. While they smugly wrap themselves in the Constitution, they plot to transfer power to bureaucracies staffed with their friends and paid for by those who’s freedoms they seek to usurp. They seek to entangle us in a jungle of laws, phrased in incomprehensible language, upon which we will not be able to extricate ourselves. Their central crusade is the eradication of GOD in public life.

    http://www.middletownca.com/LIBERAL-EQUALS-SOCIALIST.htm

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