Wall Street reform bill debate could ...

Wall Street reform bill debate could start soon

There are 3 comments on the CNN Money story from Apr 28, 2010, titled Wall Street reform bill debate could start soon. In it, CNN Money reports that:

Republican efforts to block Senate debate on a Wall Street reform bill appeared to be ending Wednesday after key senators who have been negotiating differences in the package said they're at an impasse.

Join the discussion below, or Read more at CNN Money.

acorn obama

Lutz, FL

#1 Apr 28, 2010
the American people don't want to debate crap until presidunce odumba & his democrap minions add fannie, freddie, and corrupt unions to the list of wall street businesses to be controlled!

odumba is a smart as a wet sack of shit!

read the new 1,579 page bill & see the immediate carve outs for fannnie, freddie, and odumba's corrupt union pals!
acorn obama

Lutz, FL

#2 Apr 28, 2010
the teachers union alone gave presidunce odumba more money than all of wall street gave to odumba & mccain combined!!!

talk about a huge payoff - teachers won't have to worry about how well they teach or how well kids learn - they don't have to & they don't give a crap!

nice bribe mr barry!

North Ridgeville, OH

#3 May 4, 2010
In March 2010, March, Treasury Secretary Geithner advised that we all watch the Senate debate on Wall Street Reform cloely, especially when you see amendments designed to weaken the basic reform protections of reform or amendments that would exempt certain types of financial firms or financial instruments from rules.

Here is a list things to look for:

1) Write But Don't Enforce Consumer Protection Rules. The bill would apply the same rules to providers of consumer financial services or products and would also allow State Attorneys General to enforce those rules. Look for amendments that would weakened the State's enforcement powers.

2) Allow Non-Banks Play by a Weaker Set of Rules. This would provider car dealers and other major providers of financial services with a big exemption from the consumer protection rules.

3)If You Can’t Kill Consumer Protection Now, Starve it. One of the keys to effective consumer protection is having a consumer financial protection bureau that is independent with an independent source of funding. So be prepared for attempts to take away the bureau’s source of funds.

4) Prevent States from Protecting Their Own Citizens. The bill, through the Bureau of Consumer Financial Protection would set minimum standards for the consumer finance market, but states would still be allowed to adopt additional protections. See who wants to limits the rights of states.

5) Removing the Derivatives Trading Requirement to Protect Wall Street Profits. Under the current bill, standard derivatives would have to be traded on exchanges or other electronic trading platforms. Expect amendments to eliminate this trading requirement. Why? Because not everyone likes transparency because big derivatives dealers make big profits by charging end-users extra spreads and hidden fees, and they don’t want that to change.

6) Stretch the Derivatives “End-User” Exemption into a Hedge Fund Loophole. Under the current bill, there is a narrow exemption from the derivatives clearing and trading requirement for commercial firms that are not financial companies, not major participants in the derivatives market, and that are using derivatives to hedge their real risks. Be on the lookout for attempts to stretch this exemption into a loophole – by saying that an exemption should apply hedge funds and other financial companies.

7) Create an “AIG Loophole.” Under the current bill, the Financial Services Oversight Council would have the ability to designate a very large “non-bank” financial company – like AIG, for example – for tougher supervision by the Federal Reserve. Since one of the key principles of financial reform is that firms should be regulated according to the risks they pose, this is an important provision.

8) Who Needs to Know What’s Happening at Insurance Companies? Insurance is regulated by the states, not the federal government – and this bill doesn’t change that. But this bill would give the Treasury Department the ability to collect information from insurance companies so that it can help identify emerging risks before they blow up the financial system – like AIG. Keep an eye out for loopholes that would protect insurance companies from a number of provisions in the bill

9)Allow Firms to make Loans Without Skin in the Game. Mortgage business should have a stake in the loans they sell or securitize. Skin in the game gives strong incentives to make good quality loans. Mortgage industry lobbyists are pushing hard to kill this idea. It’s cheaper for mortgage lenders and Wall Street to be in the mortgage business if they don’t have to worry about the borrower’s ability to pay.

10) Preserve “Too Big to Fail”. The key to preventing future bailouts is to end the problem of “Too Big to Fail.” And the only way to do that is to make sure that we can shut down failing financial firms can be shut down at their own expense, or simply put, pay for their own funeral.

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