Monday, December 14, 2009, AM | 1 Comment
Thanks to the President and the Congress, the Anacondas of the financial world are retreating, partially till the Senate says OK as well. On Friday, December 11, The U.S. House of Representatives approved the biggest changes in financial regulation since the Great Depression. The details are a bit sketchy for my taste, but it’s not just a win for the President and the Democrats but can be a big win for the general populace as well.
Financial experts say
The sweeping bill, which will have to be reconciled with any measure the slower-moving Senate might eventually approve, aims to safeguard the financial system and ward off future crises of the type that punished the nation in the past year with its deepest recession since the 1930s.
The bill would create
- an inter-agency council to police systemic risk in the economy
- crack down on hedge funds
- credit rating agencies
- set up a financial consumer watchdog agency called Consumer Financial Protection Agency (CFPA)
- expose Federal Reserve monetary policy to unprecedented congressional scrutiny
- among other reforms.
Faced with a recession and multi-billion-dollar taxpayer bailouts of firms such as AIG and Citigroup Inc , started by the Bush administration, Obama and fellow Democrats have vigorously pushed for fundamental regulatory change.
In a Nutshell
Wall Street Journal calls it “House Strikes at Wall Street [perhaps like a lightning]. What I don’t understand is if it is so sweeping to the advantage of the American Public, what or who was protecting them since the 1930s. That’s more than 70 years the anacondas of the financial world were squeezing and suffocating the American people, especially the poor folks as the rich have always taken care of themselves.
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