Chris Dodd's new plan

[MsDoodahs]

http://blogs.wsj.com/washwire/2009/11/10/dodd-weighs-in-with-1136-page-financial-overhaul-plan/

It is 1,136 pages long....

"The “Restoring American Financial Stability Act of 2009” would establish the Financial Institutions Regulatory Administration, which would essentially handle all regulation of banks at the national level. And it would create a Consumer Financial Protection Agency.
It would also set up an Agency for Financial Stability, chaired by a White House appointee who is subject to Senate confirmation. Its objective is to identify systemic risks to the economy, promote market discipline, and respond to emerging risks.

The board would include the Treasury secretary, the Federal Reserve chairman, the head of the Financial Institutions Regulatory Administration, head of the Consumer Financial Protection Agency, head of the Securities and Exchange Commission, head of the Federal Deposit Insurance Corp., head of the Commodity Futures Trading Commission, and an independent member picked by the White House."

Wow, Dodd is SUUUUCH a man of vision, ain't he?

[JamesButabi]

Pathetic. More government oversight, more panels, more bureacrats, more spending. All to curb a problem caused by too much spending and too much credit. All aboard the fail-boat.

[HOLLYWOOD]

Dodd: the Bankers Bitch and now a Populist for next year's election.

Federal Reserve gets a new body of authority and the FDIC get's a "NEW MECHANISM" funding on Bank Seizures / Too Big To Fail with THE FED funding/flipping the bill.

So the FEDERAL RESERVE will provide all funding to the FDIC control of banks taken under it's programs.

I guess we can count on the FDIC refunding all the funds they take forn Banks through FEES?

NOT A CHANCE and Dodd's legislation won't pass since the House and Executive branch want broader supervision across multiple agencies. I won't pass, but it will make Dodd look like he was for the people... when when the smoke screen clears... Dodd was for his reelection. This is 5 & dime political manuevering.

More Smoke..
More Mirrors...
More Power to the FED