Posted on 02/22/2009 4:38:48 PM PST by bw17
Today I am pleased to sign into law S. 900, the Gramm-Leach-Bliley Act. This historic legislation will modernize our financial services laws, stimulating greater innovation and competition in the financial services industry. America's consumers, our communities, and the economy will reap the benefits of this Act.
Beginning with the introduction of an Administration-sponsored bill in 1997, my Administration has worked vigorously to produce financial services legislation that would not only spur greater competition, but also protect the rights of consumers and guarantee that expanded financial services firms would meet the needs of America's underserved communities. Passage of this legislation by an overwhelming, bipartisan majority of the Congress suggests that we have met that goal.
The Gramm-Leach-Bliley Act makes the most important legislative changes to the structure of the U.S. financial system since the 1930s'
...
The Act repeals provisions of the Glass-Steagall Act that, since the Great Depression, have restricted affiliations between banks and securities firms. ... Removal of barriers to competition will enhance the stability of our financial services system.
...
Although the Act grants financial services firms greater latitude to innovate, it also contains important safety and soundness protections. While the Act allows common ownership of banking, securities, and insurance firms, it still requires those activities to be conducted separately within an organization, subject to functional regulation and funding limitations.
...I have insisted that any financial services modernization legislation must benefit American communities by preserving and strengthening community reinvestment... The Act establishes an important prospective principle: banking organizations seeking to conduct new nonbanking activities must first demonstrate a satisfactory record of meeting the credit needs of all the communities they serve, including low- and moderate-income communities.
(Excerpt) Read more at presidency.ucsb.edu ...
Translation: Unqualified minorities and illegal aliens.
“guarantee that expanded financial services firms would meet the needs of America’s underserved communities”
Clinton provided the motive (make loans to poor people or else), and the murder weapon (repeal Glass-Steagall).
By the way thank you for locating and posting this article.
When will this be in the NYT??...NEVER!!
RED LINE FINES Part II !
Thanks for posting.
Bookmarked
An ivestigation into Fannie and Freddie, and those who prospered from them will happen somewhere in the future when it is too late, and there will be few who even care. Shame on Clinton, shame on the legislators, shame on the MSM for not telling the truth about this situation.
You mean you’re not reaping the benefits?
From Maria Bartiromo’s “BusinessWeek” interview with BJ Clinton...
There is no shortage of blame for the financial debacle rocking America and scaring the world. And among the names popping up in the pathology of this vicious malaise are former Fed Chairman Alan Greenspan, former Treasury Secretary Robert Rubin, former Texas Senator Phil Gramm, and former President Bill Clinton. It was on their watch that the banking strictures of the 1933 Glass-Steagall Act were dismantled. Some critics say tearing down the barriers between commercial and investment banks contributed to the current crisis because it allowed commercial banks such as Citigroup (C) to trade mortgage-backed securities.
more...(here)...
http://www.businessweek.com/print/magazine/content/08_40/b4102000409948.htm
Vladimir Ilyich Lenin...
The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially “powerful” states stand out among all the rest. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities.
http://partners.nytimes.com/library/financial/102399banks-congress.html
October 23, 1999
Agreement Reached on Overhaul of U.S. Financial System
________________________________________
Related Articles [all clickable and worth your time-BonRad]
• The Lobbying: Behind the Banking Bill, Years of Intense Lobbying
• The Impact: As an Era Ends, Finance Industry Enters Unknown Territory
• News Analysis: Big Gains by Gramm in Diluting Lending Act
Issue in Depth
• Leading Up to the Decision on Banking Reform
From above article:
“Dodd, whose state is home to the nation’s largest insurance companies, and Schumer, with strong ties to Wall Street, have long sought legislation to repeal the Glass-Steagall Act. Both men said in interviews Friday that they moved to strike a compromise after it became apparent that the legislation might be killed, as it was last year by Gramm, over the debate about the Community Reinvestment Act.”
Now I may have problems paying taxes and upkeep on the home I have.
The hard earned money we invested is disappearing at an alarming rate.
I'm sure there are thousands of retirees just like me.
*sigh*
Probably more than you wanted to know, but I am angry,rant,rant.)
wow that article really hits the nail on the head.
bttt
bttt
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