New York Times email alert:

The Senate on Thursday passed a far-reaching financial
regulatory bill. The legislation is intended to prevent a
repeat of the 2008 crisis, but also reshapes the role of
numerous federal agencies, and vastly empowers the Federal
Reserve, in an attempt to predict and contain future
debacles.

Democratic Congressional leaders and the Obama administration
must now work to combine the Senate bill with a version
approved by the House in December, a process that is expected
to take several weeks.

Full Story

How will news of this Senate bill’s passage impact Wall Street? The stock market which has been free falling lately?

Do we need financial regulation or is the meddling in the free market?

7 Thoughts to “NYTimes: Senate Approves Bill to Overhaul Financial Regulation”

  1. Meddling? Meddling would be Dodd and company using their influence to help Goldman Sachs triumph over their competitors. This bill is a fascist’s wet dream. From an excerpt over at UCV:

    Established in Section 1022 on Page 1028, the BCFP is given the authority to monitor consumer financial patterns and, “implement and, where applicable, enforce Federal consumer financial law.” Specifically, Subsection C gives this agency authority to
    “gather information and activities of persons operating in consumer financial markets.”

    Further, Section 1071 allows the BCFP to “use the data on branches and [individual and personal] deposit accounts” and “shall assess the distribution of residential and commercial accounts at such financial institution across income and minority level of census tracts; and may use the data for any other purpose as permitted by law.” Never before has the federal government actively sought to aggregate data on every single personal and business financial transaction in the U.S. until now.

    This bill sets up the BCFP INSIDE THE FED. An autonomous agency. And we all know how easy it is to get the Fed to cooperate with any oversight. This bill allows the government to track every single financial transaction. It allows them to oversee YOUR bank account and what you do with your money. All in the name of making sure……..of something that the government will say is necessary to help you. Probably something to make sure banks are keeping enough minority accounts or making loans to whomever is the governments favored group at the time.

    And its not just this administration. I don’t want ANY government agencies doing this. Can we impeach Congress? Can we impeach them for being forsworn? Power mad? Overly helpful busybodies? Corrupt a-holes?

  2. Cargo, I am not sure what all the acronyms mean. Would you include a translator?

    Actually, in the financial world, Goldman Sachs has a very good reputation.

    I think you are reading something in to this bill that just isn’t there.

  3. Bureau of Consumer Financial Protection (BCFP). Another intrusive measure that’s supposed to help you and add security. Remember Ben Franklin’s words about “temporary security and freedom?”

    Goldman Sachs has worked its way into every part of Treasury and the Fed.

    All the major players worked for GS. Lehman Bros. was a major competitor. GS played politics masterfully and now holds the reins for financial reform.

    http://www.goldmansachs666.com/2009/10/map-of-goldman-sachs-employees-past-and.html

  4. where is formerly anonymous?? Formerly, come translate all this for me please!

  5. marinm

    Buy Gold, canned foods and ammo. It’s gonna get bumpy!

  6. hello

    Don’t forget that this new bill does nothing about Fanny and Freddie, I wonder why you would pass a major financial reform bill without addressing the two main causes? Waste of time if you as me.

  7. Ah the doom and gloom squad is out and about.

    Canned food generally sucks.

    Hello, it isn’t finalized. House version and Senate version have to be hammered out. Freddie and fannie were far from the only reasons for the crash.

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