More on Finance Reform
July 17th 2010 19:36
The reports out today about the Financial Reform Bill are interesting to say the least. The first thing that stand out as I understand it is that the Senate and Congress is not writing the rules and regulations but 10 regulatory agencies will be going through the process of writing the new regulations. Now is that good or bad depending on how you feel your particular legislators are doing. For me I want to know how my senators voted on a bill that had no real language and if the regulations overseeing the industry are written by the industry then doesn’t that defeat the purpose of needing regulations? Also what took over 2000 pages to say? Wouldn’t the environment best be served saving the trees then cutting them down for all that paper? In an article Law Remakes U.S. Financial Landscape from the Wall Street Journal (2010) you will read “Now, the legislation hands off to 10 regulatory agencies the discretion to write hundreds of new rules governing finance. Rather than the bill itself, it will be this process—accompanied by a lobbying blitz from banks—that will determine the precise contours of this new landscape, how strict the new regulations will be and whether they succeed in their purpose. The decisions will be made by officials from new agencies, obscure agencies and, in some cases, agencies like the Federal Reserve that faced criticism in the run-up to the crisis.”
The article written by Damian Paletta and Aaron Lucchetti also says that “The Commodity Futures Trading Commission has designated 30 "team leaders" to begin implementing its expansive new authority over derivatives, and has asked for $45 million for new staff. The Federal Reserve, Federal Deposit Insurance Corp. and Securities and Exchange Commission are also in the thick of the implementation.”
More money spent, the administration and our Senate or Congressional leaders are saying that this is TARP/Stimulus money that was returned or not used, fine but that is only good for now. The salaries of those individuals hired will be a burden to the taxpayers as long as that agency has to be the investment advocate and or they finish writing the legislation. That is you and I will be footing this bill.
Well it is another interesting situation and I for one would like to know how much money this administration thinks you and I can afford to pay out while still maintaining a middle class way of life. For me that means, having a roof over my head, paying my bills and having a descent meal to eat. Not talking seafood (oh well that good because of the situation in the Gulf) but a healthy well balanced meal so that the Obama food police do not flag me for obesity.
References:
Really Long Link
The article written by Damian Paletta and Aaron Lucchetti also says that “The Commodity Futures Trading Commission has designated 30 "team leaders" to begin implementing its expansive new authority over derivatives, and has asked for $45 million for new staff. The Federal Reserve, Federal Deposit Insurance Corp. and Securities and Exchange Commission are also in the thick of the implementation.”
More money spent, the administration and our Senate or Congressional leaders are saying that this is TARP/Stimulus money that was returned or not used, fine but that is only good for now. The salaries of those individuals hired will be a burden to the taxpayers as long as that agency has to be the investment advocate and or they finish writing the legislation. That is you and I will be footing this bill.
Well it is another interesting situation and I for one would like to know how much money this administration thinks you and I can afford to pay out while still maintaining a middle class way of life. For me that means, having a roof over my head, paying my bills and having a descent meal to eat. Not talking seafood (oh well that good because of the situation in the Gulf) but a healthy well balanced meal so that the Obama food police do not flag me for obesity.
References:
Really Long Link
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