Paul Revered
06-26-2010, 03:45 AM
How can this bill go through, while allowing enough time to read it? This looks like Obama is up to his old tricks.
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WASHINGTON - One year in the making, a sweeping overhaul of Wall Street rules forged in the aftermath of a financial crisis cleared congressional negotiations early Friday and headed to the House and Senate for final votes.
Lawmakers hope to have a bill on President Barack Obama's desk by July 4.................The legislation, the most ambitious rewrite of financial regulations since the Great Depression....
.
http://www.azcentral.com/arizonarepublic/news/articles/2010/06/26/20100626financial-overhaul0626.html
The legislation creates a new federal agency to police consumer lending, set up a warning system for financial risks, force failing firms to liquidate and map new rules for instruments that have been largely uncontrolled.....The Federal Reserve will have to set new limits on the fees banks charge merchants who accept debit cards. Retailers, who would stand to save billions in payments, would be able to offer customers reduced prices for debit card use. Banks said the limits could simply shift costs to other banking products.
http://www.9news.com/rss/article.aspx?storyid=141760
Oppose the 'Dodd-Frank' Financial Overhaul
The Dodd-Frank financial overhaul will control up to 60% of our economy by telling us what we can, and can't do, with our money. This will touch every single person who has a bank account or who uses a credit card. Just like Cap and Trade and Health Care, this is Washington’s latest effort to grab power and take control of our lives.
There are many problems with the bill:
- It does nothing to solve the root problem of the financial crisis – giving loans to people who can’t afford to pay them. Instead, it encourages lenders to continue this risky practice.
- Creates an entirely new federal bureaucracy within the Federal Reserve.
- Gives the government power to break up “failing” companies, without a clear definition of “failing.”
- Sets up strict rules and increases costs for banks, which means that bank customers will have to pay more for their services.
- Gives the Securities and Exchange Commission and the Commodities Futures Trading Commission, two boards of unelected, unaccountable bureaucrats, new powers to regulate businesses as they wish.
- To pay for these new government programs and powers, Washington is going to charge banks and hedge funds $19 billion in fees – this money will have to come from somewhere and the American people, as bank customers, are going to pay the price tag.
Even Senator Chris Dodd - one of the bill's co-authors - says "no one will know until this is actually in place how it works.” I urge you to oppose this risky power grab.
http://act.libertycentral.org/9/3328/oppose-financial-overhaul/
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I haven't completely formed my opinion on this matter yet; but time is of the essence.
===============================
WASHINGTON - One year in the making, a sweeping overhaul of Wall Street rules forged in the aftermath of a financial crisis cleared congressional negotiations early Friday and headed to the House and Senate for final votes.
Lawmakers hope to have a bill on President Barack Obama's desk by July 4.................The legislation, the most ambitious rewrite of financial regulations since the Great Depression....
.
http://www.azcentral.com/arizonarepublic/news/articles/2010/06/26/20100626financial-overhaul0626.html
The legislation creates a new federal agency to police consumer lending, set up a warning system for financial risks, force failing firms to liquidate and map new rules for instruments that have been largely uncontrolled.....The Federal Reserve will have to set new limits on the fees banks charge merchants who accept debit cards. Retailers, who would stand to save billions in payments, would be able to offer customers reduced prices for debit card use. Banks said the limits could simply shift costs to other banking products.
http://www.9news.com/rss/article.aspx?storyid=141760
Oppose the 'Dodd-Frank' Financial Overhaul
The Dodd-Frank financial overhaul will control up to 60% of our economy by telling us what we can, and can't do, with our money. This will touch every single person who has a bank account or who uses a credit card. Just like Cap and Trade and Health Care, this is Washington’s latest effort to grab power and take control of our lives.
There are many problems with the bill:
- It does nothing to solve the root problem of the financial crisis – giving loans to people who can’t afford to pay them. Instead, it encourages lenders to continue this risky practice.
- Creates an entirely new federal bureaucracy within the Federal Reserve.
- Gives the government power to break up “failing” companies, without a clear definition of “failing.”
- Sets up strict rules and increases costs for banks, which means that bank customers will have to pay more for their services.
- Gives the Securities and Exchange Commission and the Commodities Futures Trading Commission, two boards of unelected, unaccountable bureaucrats, new powers to regulate businesses as they wish.
- To pay for these new government programs and powers, Washington is going to charge banks and hedge funds $19 billion in fees – this money will have to come from somewhere and the American people, as bank customers, are going to pay the price tag.
Even Senator Chris Dodd - one of the bill's co-authors - says "no one will know until this is actually in place how it works.” I urge you to oppose this risky power grab.
http://act.libertycentral.org/9/3328/oppose-financial-overhaul/
=====================
I haven't completely formed my opinion on this matter yet; but time is of the essence.