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Senate Passes Wall Street Reform Bill

July 21, 2010 by  

Senate Passes Wall Street Reform BillBringing financial reform a step closer to reality, the United States Senate has voted to approve the Dodd-Frank bill, and it did so with the help of three Republicans, including Scott Brown of Massachusetts.

The legislation, which is expected to be signed by President Obama, will establish the Consumer Finance Protection Bureau as well as the Financial Stability Oversight Council that will monitor the financial system for risky practices that may endanger the economy.

The bill will also tighten controls on the derivatives market, complex financial instruments that were major contributors to the recent crisis.

“All told, this reform puts in place the strongest consumer financial protections in history,” Obama commented after the vote.

However, critics have said that the bill fails to address some fundamental systemic challenges, such as the “too big to fail” problem. Moreover, it does not address Freddie Mac and Fannie Mae, which both benefited with a massive bailout but are still struggling to become solvent.

Republican criticism of the bill also centered on allegations that it will expand government bureaucracy and hand over the control of the economy to politicians in Washington.

In fact, Senate Minority Leader Mitch McConnell (R-Ky.), called it “government-driven solution.”ADNFCR-1961-ID-19894888-ADNFCR

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  • DaveH

    I feel so safe now.

    Big Surprise. Scott Brown voted for Bigger Government. This is how it’s going to go if you waste your votes on Republicans. They just don’t get it.
    Vote Libertarian to get the job done.

    • J.M.R.

      NEWS FLASH DAVE SCOTT RAN AS A REPUB, BUT WE FOUND OUT THATS HE JUST ANOTHER LYING LIBERAL.

    • eddie47d

      To get what job done? To reign in these Wall Street rascals or to sit back and let them pig out at the trough?

    • WarriorH

      Yep, just another masterful piece of legislation to stick more affirmative action into. Let’s see now, HC Bill has more affirmative action, Student Loan Program has more affirmative action. What’s next you say, a 3 thousand page Cap and Tax with more affirmative action. This is really fun stuff.

    • Viktor Leben

      Everyone has their price ! Mine is $3.5 million in a swiss bank account….. Maybe the Democrats blackmailed him …….

      I’m a registered Libertarian ! DaveH, don’t you think the Libertarian Party mission is to just siphon off the wackos from the Republican Party ? Isn’t that how they maintain the status quo ? The same thing with the Constitution PArty …..

    • Smilee

      Davie

      How is a libertarian going to get the job done when none have ever gotten elected and probsably never will, your libertarian vote is the vote of a loser every time!!

      • Al Sieber

        Smilee, thats because people like you vote along the 2 party lines. you sound like you don’t vote issues or care about freedom.

        • JC

          Smilee, like far too many have been thoroughly indoctrinated into the two party system. The probably believe the US is a democracy too.

  • s c

    Me, too! It’s nice to know that our DC cheerleaders have pulled off yet another economic miracle. I am so happy to know that only GOVERNMENT can save us from ourselves.
    The idea that Tweedledee and Tweedledumb have their names FOREVER connected with this piece of legislative magic makes me even happier. It’s terrible that the junior senator from Massaflimflam (what’s-his-name) didn’t get equal billing with Tweedledork #1 and Tweedledip #2 (appropriate numbers, aren’t they?).
    Ooooops! The Kruel Ade and the lsd have worn off. We’re now protected? By the same people who don’t squat about forcing the Great Pretender to close the borders? The same crowd that halped create our financial/economic crises?
    Right. Life MUST be “beautiful” now – because Uncle Scam says so. I’ll wait for the movie. It has to be more realistic than the current ‘reality series.’

    • Al Sieber

      You said that right, the fox protecting the hen house.

      • http://?? Joe H.

        Al,
        nope the hen house has been reposessed!!!

  • Bruce

    Is it not strange that two of the nut cases that got us into the housing mess that blew up two years ago, that being Dodd and Frank have added in to this bill that when one good loan is given, two must be given to people that they clearly know can’t afford it but now its at any amount as in if one makes $25K per year they can not be turned down for a loan on a 1 million dollar home loan. Anyone else see this as a problem?

    Keep in mind the last round was on a 1 to 1 loan base and capped at $500K on a week loan. I am still reading through this insaine maze of a bill, most of it ties the American Tax payers hands so badly its beyond absurd, as in the American middle class Tax payer will be left holding the bag yet again. But this time for a far larger sum of money. So can someone explain what this bill is good for other than the paper can be used to wipe ones butt.
    As I said this looks like a good Blank U from Chris Dodd on his Goodby show tour. And by the way as Dodd has not lived in ConnetUcut for nearly three years why is he still that states rep? Anyone else have a problem with that?

    • s c

      Bruce, the whole heart of the “reform” issue is an absolute farce. Any good dictionary says that reform means ‘to correct, make better or improve.’ When it comes to scuzzoids like Dodd or Fwank making corrections, making something better, or actually improving something, that’s like waiting for two-legged skunks to smell like roses. It ain’t gonna happen.
      Remember, trying to ‘reform’ Wall Street is a futile attempt, especially when government is IN BED with Wall Street. What Dodd and Fwank are doing amounts to a form of mental masturbation. ONLY a progressive could “appreciate” it.

  • JC

    More power in government hands. Disgusting.
    We nee government OUT of the market place…not taking it over, as the great fascists Mussolini, Hitler and Stalin did.
    Sadly though. a loud minority of idiots and Democrats, (ah, but I digress)have chosen more economic fascism. I imagibe some Republicans were involved also…so Go Libertarian. Go Constitution.

    • Dan Burke

      When the Republican Party was screaming about the ills of Tea Party candidates threatening their own in their own primaries, that should have been a clue to us that there was a problem with the Republican party actually wanting to represent the people they claim to represent. And while I would all be for a third political party, I am also all for taking over one (or both) of the “major two” like the progressives did over the past hundred years. Unfortunately, we don’t have a hundred years to spare to overcome the loss of freedoms we now face so there might be fierce resistance by the major politicians regarding giving us back our freedoms and surrendering their power.

      • JC

        Dan, as long as we have the Federal Reserve and the Globalists who own it issuing our currency, there is a risk that any candidate from any party will soon be bought.

        “The Federal Reserve (Banks) are one of the most corrupt institutions
        the world has ever seen. There is not a man within the sound of my voice
        who does not know that this Nation is run by the International Bankers.”
        – Louis McFadden
        (1876-1936) US Congressman (R-PA) (1915-1935), Chairman of House Banking and Currency Committee. Poisoned in 1936.
        Source: Speech in Congress, June 10, 1932

        And the other obvious problem:

        “When buying and selling are controlled by legislation, the first things bought
        and sold are legislators.”
        – P. J. O’Rourke
        (1947- ) US humorist, journalist, & political commentator

        We will never regain control of our country until the innacurately named Federal Reserve is abolished. Until then we can only vote in whatever way our conscience tells us to in the “hope” that things might actually “change”. And I don’t mean the kind the Kenyan babbles about either.

        • http://?? Joe H.

          JC,
          what I don’t understand is some of these politicians have more money than they and their families could EVER spend. Why do they sell their honor for money and power that they don’t need and already have???? I would rather die poor than to sell my honor!!

  • http://ajb221@cox.net AJB OKIE

    brown may have been rep but now with the payoff he is just like the the rest with his hand out for more money money runs this group of thugs frank and dodd they probable have sex too.

  • http://www.richvisions.com Sue

    This is too much government control. That’s our problem now. We don’t need another “protection” agency. We don’t need another bureau to add to the already overburdened tax structure. We need for the government to step back…and stay out of free enterprise. They have no business ‘overseeing’ our businesses. We need smaller government and less spending.

  • eddie47d

    Of coarse Government should stay out of the free enterprise system. That’s allot of pie in the sky talk since our free enterprise system is full of crooks,gougers and a myriad of devious folks. You really think they will control themselves? Hasn’t been working lately just the opposite. If you don’t want government regulations maybe we should have more “power to the people”and have a civilian review board controlling what bad companies do. The business community could also police themselves but probably wouldn’t go after another company out of cost concerns.

    • JC

      We don’t have a “free” enterprise system, and we never have either.
      It’s been hand in hand corporatism since Hamilton.
      So what exactly are you talking about?

  • Jonathan Ashley

    Soros Hints At What Is To Come

    As reported by Edith M. Lederer in a 21 Jan 2010 article for the Huffington Post, George Soros, while speaking to a group of people at the World Economic Forum, stated the following, “The task ahead – and I don’t think this is fully realized – is not to restart the economy and the financial system. You actually have to create a new system because the old system has broken down.”

    The question I ask is, Why do we have to create a new system? Why can’t we reinstate the banking regulations that were in place before 1996 when Congress saw fit to “relax” those regulations? Better yet, let’s repeal the Federal Reserve Act and return to a time when our elected officials were in control of our money supply instead of being controlled by the supply of money needed for re-election. Of course, that won’t happen because it doesn’t play a part in the elite’s quest to set up a world bank.

    Soros went on to say, “…markets cannot be left without regulation – you need global regulations.” Notice he doesn’t want us to return to regulations that (even under the corrupt Federal Reserve System) appeared to work before. He wants new “global” regulations. He and his cronies want to take away what little sovereignty we have left and create a de facto world government ruled by the same money men who have been manipulating our laws and politics through lobbyists and bought-and-paid-for presidents (both Republican and Democrat) for more decades than most of us have been alive. He stressed that “it’s more important to get the legislation right than to do it in a hurry.”

    “I think it would be extremely important to depoliticize it, to get some expert groups designing the global regulatory system that would then be adopted,” he said.

    Wasn’t it “expert groups” in the form of banking lobbyists that wrote the banking laws that got us into the mess we’re in today? And, who would select the members of these expert groups? Oh, that’s right! The global elite, who have been working for decades to bring about a world currency, a world government, a “new world order,” as they like to call it. They already have a blueprint for these new global regulations. And, it should not come as a surprise, they plan to be in charge when the new regulations are in place. It’s up to you to help stop them.

    • http://?? Joe H.

      Jonathan Ashley,
      I can only pray if that ever does come about that I am already dead and that Soros is one of the first to lose all that he owns!! I guess it could happen to him!

  • chuck b

    jonathan

    good article. if anybody out there, especially the republicans think that this next election is going to solve our problems, think again. even if the repubs win the house, just remember we still have all the rinos controlling the party. they would not have enough majority to fight off the democrats and most likely will cave into them just like they did under bush, then in 2012 they will lose again and barry will be re-elected. i’m amazed, but not surprised the republicans are again not making much of an issue on all these bills passing thru congress, other than a couple of conservatives on fox news. do they think that they will be able to reverse them when and if they get control, are you kidding!! do you think they will touch the healthcare bill, absolutely not, possibly de-fund it for awhile until, the demos are back in power. we are at a crossroad in our country, we are overwhelmed with illegals and welfare people, we are getting outnumbered by the so called minority who for the most part want to spread the wealth and turn this country into a third world nation. some want to create their own kingdom inside our borders (islam). we either stop it or join it. the wealthy have removed their wealth and are protected, the socialist are fighting over the scraps
    so they can spread it around and become wealthy too!! what a laugh!!
    so in my estimation if we don’t vote out the rinos we might as well join the democrats, we might get treated better.

  • mavis

    Scott Brown it’s not nice to fool the republican party.
    The speach you made at your victory party that night tended to make me uneasy, I got a queasy feeling in my stomach I wondered why at the time, now I know. Get in line Scott it’s time for your drink of koolaid. As for Snow and collins, there are old koolaid drinkers. I don’t know about you but I’m fed up with all the lying
    skunks that talk out of both sides of their mouth.mehpensacola,fl

  • Jim H.

    So Uncle Big Government is going to save us from Wall Street. Wall Street isn’t the threat to me. Maybe Wall Street needs to remember who voted what way when it comes to campaign contributions next election. Maybe when the people who went against them don’t get their contribution, they won’t have the resources to stay in office. Trusting Big Government to watch out for you is like trusting Col. Sanders to guard your chickens.

  • hundabuxt

    Chuck b above is pretty much correct I fear, which begs the question: what do we do about it? The voting process is preverted by corruption, fraud and ignorance. Do I dare use the ‘R’ word and I don’t mean republican. Those who’ve gained control over we common folk will not relinquish it easially, certainly not via plebicite.
    Frankly, I seriously doubt enough Americans have the guts to do anything but sit back and watch their country become something our forefathers sacrificed to prevent. If you think any serious reforms were brought to bear on Wall Street you’re seriously deluded. Their lobbists pay for the ‘E’ ticket of access and the fox is in the chicken coop for crafting legislation. They’re smart enough to know that they have to give up something to maintain their power but the important advantages remain. The Chinese Communist philosophy was “three steps forward one step back.They have the benifit of escoteric information, which is necessary to craft the legislation. Our so called representation depend on the very people who they’re ostensibly supposed to legislate against to educate them and their staff on what to do. And its not like our representatives are that ignorant entirely of what’s going on. They’re doing what it takes to recieve the “campaign contributions” and favors deemed necessary to get reelected while telling us its for our benifit. Its the same old quid quo pro game that’s been going on for decades. Until we get control of the campaign game, the political power will rest with the power elete, those with the money who really control our country. We the little people are simply here to pay the bills due in the inequitable, grotesque tax system.

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