Posted on 03/25/2009 7:47:25 AM PDT by elc
Treasury Secretary Tim Geithner hopes to today send draft legislation of a bill to Capitol Hill that will give him more power to take over large financial institutions in serious trouble. The government currently has this authority with banks, but not with other financial institutions such as bank and thrift holding companies, or with holding companies that control insurance companies, futures commission merchants, and broker-dealers.
The draft legislation will -- likely later today -- be sent to Sen. Chris Dodd, D-Conn., chair of the Senate Banking Committee and Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee.
As written, the bill would give the Treasury Department what's called "resolution authority," granting the U.S. government the authority to put a big financial company into receivership or conservatorship. With that authority, the government can either reorganize or shut down the company -- renegotiating or reneging on contracts (such as retention bonuses for AIG executives), transferring the company's assets and liabilities, and dealing with any derivatives portfolio.
One possible sticking point: President Obama and Secretary Geithner are seeking sole authority be given to the executive branch to put these companies into conservatorship or receivership. The legislation as written would give the decision making power to the Treasury Secretary and the chair of the Federal Deposit Insurance Corporation (FDIC), though the decision would be "informed" by the advice of the chair of the Federal Reserve Board and any other relevant regulatory agency.
(Excerpt) Read more at blogs.abcnews.com ...
No. But my gut told me what you said
Don’t worry, he’ll find a willing boot licker to introduce it.
BOHICA Here It Comes Again - Used colloquially to indicate that an adverse situation is about to repeat itself, and that acquiescence is the wisest course of action.
The dollar is going to be worth what six months from now?
“For those of you that read the Constitution noting all legislation must originate in the congress - u outta luck.”
Laws must be originally passed by Congress but it doesn’t mean it must originally write the proposed bills. In fact this rarely happens at any level of government. Special interest groups, including the Administrations, write proposed bills which are then passed on to legislators who are willing water-carriers for the bill. Politicians are not bill writers. Their forte is schmoozing for sponsors and votes and accepting bribes in the form of votes from them for another legislator’s pet bills, votes for them, or “other benefits” measurable and unmeasurable.
President Obama is seeking sole authority,guess what’s not a stste secret.
Forget about the content here. Shouldn’t legislation originate in the House and be sent to the Senate before the White House gets it?
This is becoming a much more socialist state under 0bama, much of which will need to be undone once we can defeat him and get a Republican President and Congress in place. I pray every day that this goal will happen starting in 2010.
>>For those of you that read the Constitution noting all legislation must originate in the congress - u outta luck.<<
Has this stopped Obama yet?
He has managed to shred the constitution page by page and the congress is not only allowing it, they are burning the pieces.
Called my Congressman and two Senators to tell them NO! on Turbo Tax Timmy’s power grab.
Right to the crooks that caused the whole banking/mortgage mess, how sweet.
“The draft legislation will — likely later today — be sent to Sen. Chris Dodd, D-Conn., chair of the Senate Banking Committee and Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee.”
What we have to do is get back to our foundation and issues and quit sounding like doomsday.
I wish people would wake up to what this adminstration is doing. It’s like the last 8 years the media kept repeating over and over that Bush was ignoring the Constitution to get people ready for the Dems taking over and actually doing it.
I don’t think either of them could run a profitable Dairy Queen if it was 98ºf everyday for a year!
Republicans take note, this is the speech you should be starting with, change as required (Scroll to UK speech at EU re: Gordon Brown):
http://gatewaypundit.blogspot.com/
Smackdown.
Every dictatorship starts with a flurry of legislation consolidating power.
___________
It’s only been 60 days. 60 DAYS!!!
I think they'll go for the food supply before they go for Big Oil. But I'm not ruling anything out nowadays...
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