U.S. Lawmakers Reach Accord on New Finance Rules

wsj ^ | June 25, 2010 | DAMIAN PALETTA

[sheikdetailfeather]

WASHINGTON—After more than 20 hours of continuous wrangling, Congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill.

After months of uncertainty about how the U.S. would craft new rules, the agreement offers the clearest picture since the financial crisis of how markets and the government will interact for decades to come. The common thread: large financial companies are facing a tougher leash.

[sheikdetailfeather]

Not good.

[traderrob6]

And the unions?

[PGalt]

How much does this one cost us (we the people), Con-gre$$?

[GoCards]

Well great. I feel all better now.

[Jack Hammer]

One of the largest government power grabs in US history, this will hasten the decline into socialism.

It’s an old, old trick taken from the Lenin days - manufacture a crisis, then grab power in “solving” it.

America is sinking rapidly into a Leftist sewer, with abundant assistance from congressional Democrats, the president, and their supporters natiowide.

[mortal19440]

“This is about as important as it gets, because it deals with every single aspect of our lives,” said Sen. Christopher Dodd (D., Conn.), a chief architect of the compromise.

So does the new Obamacare. What part of our lives won’t these asshats control. I wonder what Dodd’s payback will be when he finally quits the Senate in Jan.? He and Buttboy Frank have been screwing us for years now they pass this and don’t even include the two prime offenders, Fanny and Freddy. I can’t believe that the GOP isn’t going to filibuster and at least get some changes to this unbelievable bill.

[econjack]

... the bill would allow the government to charge fees to large banks and hedge funds to raise up to $19 billion spread over five years. The assessment is designed to eventually pay down a part of the national debt.

Yeah, and I have a bridge for sale, too.

[cdcdawg]

are they going to call it Directive 10-289?

[GailA]

You can bet we the People got the screw job on this legislation like every piece this marxist crowd has passed since they won all 3 brances.

[mrmeyer]

[Ex-Democrat Dean]

One of the largest government power grabs in US history, this will hasten the decline into socialism.
*******************************************

Aren’t we already there?

[EternalVigilance]

At one point, after hearing of an offer from Senate Democrats, Rep. Melissa Bean (D., Ill.) exclaimed: "Are you flipping kidding me? Are you flipping kidding me?"

Pretty much sums up my feelings about this massive power grab.

New tagline.

[econjack]

Government-controlled Fannie Mae and Freddie Mac remain a multibillion dollar drain on the U.S. Treasury, and largely untouched by this proposal.

These two agencies played a leading role in the initial cause of the financial crisis and our elected officials don't have the stones to close them down because it can be used to buy votes. On the eve of the collapse, Barney said both were "in great shape". So...here we have an idiot in charge of drafting the solution when he won't chop off the head of the problem. We desperately need to clean house in Nov.-

[EternalVigilance]

My Senator, Republican Chuck Grassley, had a key role in crafting this statist takeover of the financial sector, this massive imposition of more burdens on the backs of the producers in this country.

Added to his "yea" vote for TARP, it's almost enough to make me run against him this fall.

[sheikdetailfeather]

Great tagline! I saw a comment on another website discussing how this administration is obstructing the states from taking preventative damage of the oil spill. It said “WHO NEEDS AN ENEMY WHEN WE HAVE BARACK OBAMA?” I thought “Hmmm...that would make a great tagline on FR!”

[SmartInsight]

Kill the economy, kill the banks, then nationalize the banks “to save us”.

[SmartInsight]

"To win support from Sen. Scott Brown (R., Mass.), Democrats agreed to allow financial companies to make limited investments in areas such as hedge funds and private-equity funds."

I am totally disgusted with Scott Brown. When he was running, he was running against the Obama agenda, same in his victory speech, and ever since he got to Congress, after his meeting with Biden, he keeps voting with the Dems.

[SmartInsight]

“The legislation would redraw how money flows through the U.S. economy, from the way people borrow money to the way banks structure complicated products like derivatives. It could touch every person who has a bank account or uses a credit card.”

One more thing the Republicans better repeal, before it completely destroys the US - this is a bill to kill capitalism and free enterprise.

[SmartInsight]

“I can’t believe that the GOP isn’t going to filibuster and at least get some changes to this unbelievable bill.”

What GOP filibuster? Scott Brown is voting FOR the bill, with that the Dems have the 60 votes. It’s in the article, they bought him off.

[NautiNurse]

Chris Dodd: "No one will know until this is actually in place how it works."