House passes historic financial rules revamp

Associated Press ^ | 12-11-09

[Justaham]

WASHINGTON - The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.

The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.

The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.

While a victory for the administration, the legislation dilutes some of President Barack Obama's recommendations, carving out exceptions to some of its toughest provision. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.

The president praised the House action Friday, and called on Congress to act swiftly to get the bill to the White House for his signature.

"The crisis from which we are still recovering was born not only of failure on Wall Street, but also in Washington," Obama said. "We have a responsibility to learn from it and to put in place reforms that will promote sound investment, encourage real competition and innovation and prevent such a crisis from ever happening again. "

The legislation would govern the simplest payday loan and the most complicated high-finance trades. In its breadth, the measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates.

[MNJohnnie]

AP is not even pretending to be anything but the Democrat Party propaganda outlet. Everything they do in Congress these days now gets a “historic” headline!

[Gaffer]

Okay....now the is just about the time when CFOs, CEOs, doctors, workers, mothers, fathers and families should just about have made their minds up to flat-ass ignore the federal government and its goddam rules. If we all do it, they cannot do a damn thing about it.

[remaxagnt]

smoke and mirrors the whole system going to collapse before this will even take place!

[Nachum]

The list, ping

[freedumb2003]

>>Everything they do in Congress these days now gets a “historic” headline!<<

Someone should give the AP a historectomy.

[livius]

Fascism has just arrived.

[GraceG]

No Where in the Article is the Bill Number, just gushing praise for progressive policies. AP is a propaganda wing.

[Freedom'sWorthIt]

Michele Bachman’s report on this HASTILY RUSHED THROUGH UNDER THE RADAR destruction of America bill # whatever....

http://www.freerepublic.com/focus/f-news/2405628/posts

And her call to action re: the Senate - she knew there was no time allowed to take action with the members of House - which those pushing this KNEW and is why it was RUSHED through - since Congress got the bill on Tuesday of THIS WEEK and now today voted on it.

Thank you GOP for every one of you voting against it!

[FlingWingFlyer]

I guess this explains why the commie ‘RAT piggies threw all the American History books out of our “schools”. They needed to make room for all of THEIR commie “history” crap.

[EBH]

Is it HR 4173

H.R.4173
Title: To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.
Sponsor: Rep Frank, Barney [MA-4] (introduced 12/2/2009) Cosponsors (None)
Related Bills: H.RES.956, H.RES.964, H.R.3818

[EBH]

http://clerk.house.gov/evs/2009/index.asp

[Wisconsinlady]

Michelle Bachmann says this is huge and they snuck it through. (again)

[lowbridge]

bump

[American Dream 246]

Please could everybody send that alert to ALL your mailing list and ask your friends to MOVE THEIR BUTT and help teh cause - Beck and Rush and Hannity, PLEASE?

We are LOOSING OUR COUNTRY. 2010 WILL BE TOO LATE!!! WAKE UP!

[American Dream 246]

Another post: http://www.freerepublic.com/focus/news/2405658/posts?page=19

[American Dream 246]

I fear that if this keeps up the peaceful will no longer be peaceful.

Everytime I post something outrageous..which is about every single day, I see this type of line above. May be that comfort you to think that way, knowing well that NOTHING is gonna be done before it is too late?

First they came for the communists, and I did not speak out—because I was not a communist;

Then they came for the socialists, and I did not speak out—because I was not a socialist;

Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist;

Then they came for the Jews, and I did not speak out—because I was not a Jew;

Then they came for me—and there was no one left to speak out for me.

[NorwegianViking]

They always pass the s-—t on Fridays!

[Liberty Valance]

"...legislation would give the government new powers to break up companies that threaten the economy"

You mean like ACORN, SEIU and Al Gore's Climate-change carbon credit cabal?

[Domandred]

This thing was just introduced on Dec 2, 2009 and it’s already passed?

Bill text here

http://www.opencongress.org/bill/111-h4173/text