Posted on 06/16/2009 3:50:33 PM PDT by pissant
The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system, as well as creation of a watchdog agency to look out for consumers' interests.
Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests.
But critics say the easing of the financial crisis that gripped the country last year appears to have reduced the momentum for some of the most far-reaching proposals, such as merging several banking regulatory agencies.
They're also concerned that the proposed agency whose mission would be to protect consumers against financial misconduct wouldn't have the authority to do so for a wide-enough range of products.
Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.
(Excerpt) Read more at latimes.com ...
We need more oversight of the Financial Industry 5 years ago when Barney Frank and the Dems refused. Today banks have more auditors breathing down their necks then ever before. We DO NOT need more oversight now. We needed it when banks were making terrible loans. In fact, more government oversight is the LAST thing we need right now.
More powha to the Fed. Woot! =.=
Then when a BANK doesnt dance to his tune he can sieze it. Nice.
Define how the watchdog decides and on what criteria the failure of a company “jeopardizes the financial system”
“I won.”
Again.
So now he wants control off all firms. Define firms? Even the mom and pop Credit Union? What is left for this thug not get his hands on?
So....we need more Inspector General types that Obama can fire at will and Politicize with Mafia replacements ? ?
I guess "the financial system" is now a more important institution than the Constitution of the United States.
By the way, who makes the determination of which companies would, if they fail, jeopardize the financial system? Or do we just nationalize everything to be sure?
We need to make REALLLY sure they’re making zero-down housing loans to illegals! And dishwashers, and parking-lot attendants...!
This will help!
his housing bill was a doosie too. IOt’s in session now being quietly passed.
You wont be able to sell your home to anyone outright anymore unless a bank is involved.
if you own rental properties and fall behind on loans, well the government can just take them before bankruptcy is filed.
The people serve Obama now ....
Seize it.
You took the words right off of my keyboard.
Obama likes to see Chavez profusely blush green because of envy.....it excites him.
You say that like its a bad thing.
Hey, that’s interesting. Do you know the bill number or name? I like to read stuff like that.
Also, wasn’t there something in there making owner-financing of a house sale illegal? That was part of the “bank involvement,” right?
Hey Wall Street - you still love this guy and his friends? How much money you going to give him next election cycle? How many fundraisers you going to throw him and his goons?
It just goes to prove: the best and brightest aren’t necessarily on Wall Street or at Ivy League colleges....
I’m going to ask it again:
WTF country am I living in????
Why doesn’t Zero just rescind the Constitution and appoint himself ‘President for Life’ and be done with it?
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