Jul
30
US financial overhaul nearly over
Filed Under Banker Bailout
Wall Street and US banks may have laws imposed over them so govt watchdogs can look for risky behaviour.
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2 Responses to “US financial overhaul nearly over”
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Is this like 1999 all over again? Was Phil Gramm involved in this?
http://news.yahoo.com/s/ap/20091211/ap_on_bi_ge/us_financial_overhaul
House scales back proposed Wall Street rules
"nearly half the Democrats teamed up with Republicans late Thursday to loosen restrictions on derivatives and reject tougher regulations…
"The legislation still imposes restrictions on derivatives, aiming to prevent manipulation in and bring transparency to a $600 trillion global market. An amendment by New York Democrat Scott Murphy, adopted 304-124 Thursday night, exempted businesses that trade in derivatives, not as financial speculators, but to hedge against market fluctuations such as currency rates or gasoline prices. The amendment also provided an exception for businesses that are not considered too big to be a risk to the financial system.
"A Democratic effort to make more companies subject to derivatives regulation failed 279-150.
"On Wednesday, pro-business Democrats succeeded in making it harder for states to enforce their own consumer protection rules on national banks. Under a compromise struck with Democratic leaders and Treasury officials, states would not be able to pre-empt federal consumer laws if the state law "materially" interferes with the business of banks.
"The bill is H.R.4173"
As if they didn’t learn the lesson from the 1999 Gramm-Leach-Bliley act, Congress is back to work on a bipartisan deregulation campaign.
Don’t they ever learn?
Vote out the idiots in 2010 and 2012 and start over again, what else can you do?
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