Thursday, March 18, 2010

BAD JOKE? GOOD BILL? SEND IT TO KANSAS, DOROTHY

It is confusing. The following report was published in THE PROGRESSIVE REPORT yesterday in an email.

“Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled a sweeping financial regulatory reform bill Monday, designed to make the banking system work better for average Americans and help prevent another financial meltdown. Coming months after the House passed its own reform bill, Dodd’s proposal would create a Financial Stability Oversight Council “to watch for systemic risks” and would “direct the Federal Reserve to supervise the nation’s largest and most interconnected financial institutions, not just banks.” It would also create a Consumer Financial Protection Bureau, housed within the Fed, which would have authority to write rules governing all financial entities and have the “authority to examine and enforce regulationsdisincentives and regulations to curb outlandish growth. President Obama hailed it as “a strong foundation to build a safer financial system.” “We cannot wait any longer for real financial reformstrong bill” that “we need,” and urged lawmakers to “move forward quickly.” Eighteen months after the financial meltdown, the industry is emboldened and the White House seems happy to fight on this issue, believing it has public anger at Wall Street on its side. Dodd vowed to have financial reform “adopted this year,” and the Banking Committee plans to mark up the measure next week. But not surprisingly, corporate lobbyists and Senate Republicans have quickly mobilized to weaken the bill, calling its attempts to shield consumers from abusive practices “draconian.”" for banks and credit unions with assets over $10 billion and all mortgage-related businesses.” The bill would also take steps to prevent banks from becoming “too big to fail” by creating that brings accountability to the financial system and makes sure that the American taxpayer is never again asked to bail out the irresponsibility of our largest banks and financial institutions,” Obama said.

However, DEMOCRACY NOW has criticized the bill’s centerpiece for consumers, saying, “Dodd’s proposal gives new power to the Federal Reserve while gutting the proposed Consumer Financial Protection Agency. Instead of creating an independent consumer agency, Dodd wants to create a Bureau of Consumer Financial Protection inside the Federal Reserve. House Financial Services Committee Chair Barney Frank recently said that the idea of housing a consumer protection agency inside the Fed is like a “bad joke.” Other parts of Dodd’s bill have received praise from watchdog groups. Wall Street whistleblowers will be given new protections and incentives to report securities violations and an Office of Credit Ratings would be formed to examine credit rating agencies.”

Well, I propose they move this proposed and important Consumer Financial Protection Agency OUT OF the Washington Beltway all together. Either Kansas, Minnesota or Nebraska would be good places due to their better banking practices and close prosimity to renegade South Dakota, Inc.–home to CITIBANK, INC. etc.

Kevin Stoda

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