Posted on 09/20/2009 9:22:38 AM PDT by jessduntno
Dodd urges single U.S. bank regulator: report Sun Sep 20, 2009 7:34am EDT
NEW YORK (Reuters) - U.S. Senate Banking Committee Chairman Christopher Dodd plans to propose legislation that would merge four bank agencies into one super-regulator, The New York Times reported on Saturday.
Dodd's approach, meant as a starting point for the Senate's response to the financial crisis, differs sharply from that envisioned by President Barack Obama, especially in lessening the oversight role of the Federal Reserve, the paper said.
The Democratic senator told the Times in an interview on Friday he wanted to restore consumers' confidence in the nation's banking system, while not hampering business.
"We clearly need to put in place an architecture that restores confidence and makes people feel that when they engage in financial activities, from making a bank deposit to buying insurance or investing in stock, that they can have confidence in the system," the newspaper quoted Dodd as saying
"On the other side of this, I don't want to strangle business," he added.
The Times said the Obama administration had considered, then rejected, the idea of combining the Federal Reserve, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation and the Comptroller of the Currency into one "superagency."
The Obama administration wants to put the Fed in charge of overseeing large, interconnected firms and systemic risk in the economy. Bank oversight would be streamlined under the Obama plan with a new national bank supervisor, merging the Comptroller of the Currency and the Office of Thrift Supervision.
(Writing by Chris Michaud; Editing by Peter Cooney)
(Excerpt) Read more at reuters.com ...
Do we recognize a coup d'état when we see one? Time to start calling a spade a spade.
A coup d'état (pronounced /ˌkuːdeɪˈtɑː/, us dict: kōō′·dā·tâ′), or coup for short, is the sudden unconstitutional deposition of a legitimate government, usually by a small group of the existing state establishment — typically the military — to replace the deposed government with another, either civil or military. A coup d’état succeeds when the usurpers establish their legitimacy if the attacked government fail to thwart them, by allowing their (strategic, tactical, political) consolidation and then receiving the deposed government’s surrender; or the acquiescence of the populace and the non-participant military forces.
Typically, a coup d’état uses the extant government’s power to assume political control of the country. In Coup d'État: A Practical Handbook, military historian Edward Luttwak says: "A coup consists of the infiltration of a small, but critical, segment of the state apparatus, which is then used to displace the government from its control of the remainder”, thus, armed force (either military or paramilitary) is not a defining feature of a coup d’État.
What a hypocrite.
Just shut up and get out, Dodd. Jerks like you caused this mess.
Another czar???
Someday, perhaps even before the Second Coming, he and his pals...including el presidente will get theirs.
Hmmmmmm . . standing BEHIND Barney . . . and are those Chrissy’s HANDS on Barney?
Pulling Barney into “sandwich” position there, Chrissy?
Then they can all fail at once ...
Why is this criminal still making decisions for this country?
But former Countrywide exec Robert Feinberg says otherwise.
In secret testimony last month, he said both men were told at the time, “Who you know is basically how you’re coming in here.” Asked if Dodd was told explicitly about getting “special VIP treatment,” Feinberg replied, “Yes, yes.”
As part of its VIP treatment for Dodd, Countrywide allegedly counted both of his homes in Connecticut and Washington as primary owner-occupied — enabling it to give him two cut-rate mortgages of nearly $800,000.
One assumes Dodd isn’t exactly stupid.
Once hearing about the “VIP” treatment, how could he not have just walked away? (As he says he would have.)
Clearly, the price of poker has gone up here — dramatically.
A former Countrywide exec has testified that two senators were warned in advance that they were being proffered preferential treatment by a firm they regulated.
The Justice Department needs to assign a US attorney to open a probe of its own into the matter
http://www.nypost.com/p/news/opinion/editorials/criminal_probe_time_rgHlAjxrvMXTDwhlRxYBXP
In a perfect country and world they'd be out of sight.
“Another czar???”
I think this one is more sinister than that...this one is the big step that the founding fathers warned would bring us down;
John Adams:
“All the perplexities, confusion and distress in America arise, not from defects of the Constitution or Confederation; not from any want of honor or virtue, as much as downright ignorance of the nature of coin, credit and circulation.”
Thomas Jefferson:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Too bad they don’t heed the wisdom of our founding fathers.
“Hmmmmmm . . standing BEHIND Barney . . . and are those Chrissy’s HANDS on Barney?”
Both hands?
Since when, Chris "Never Met a Tax Hike I Didn't Like" Dodd?
That has been your goal for as long as you've been in the Senate...
Since when, Chris "Never Met a Tax Hike I Didn't Like" Dodd?
Yeah...I am still cleaning up the coffee spew from that one...
Lets not stop there. Lets consolidate our banking into one bug federal controlled bank and then combine it with other big banks in the world and get one world wide bank.
What could go wrong?
Dodd is in no position to “urge” anything where banks are concerned. In fact, Dodd is going to be history as the Senator from Connecticut soon enough. There are a couple of strong candidates throwing their hats in the ring.
Yeah, I'm constantly getting offers from Nigeria to make millions, just by sending them my bank information...
I’d like to see Dodd throw his hat in the ring...with his head still in it...
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