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Ear to the Ground

Wall Street Reform Bill Nailed Down

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Posted on Jun 25, 2010
AP / Richard Drew

Traders on the floor of the New York Stock Exchange react as they watch Wednesday’s televised World Cup soccer match between the U.S. and Algeria.

After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.

The reforms are being called “the most sweeping rewrite of financial rules since the 1930s.”

The legislation creates a new consumer financial protection agency and clamps down on risky dealings by banks. —JCL

Reuters:

U.S. lawmakers hammered out a historic overhaul of financial regulations as dawn broke over the nation’s capital on Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit devoted to financial reform.

In a marathon session of more than 21 hours, legislators agreed to a rewrite of Wall Street rules that may crimp the industry’s profits and subject it to tougher oversight and tighter restrictions.

To secure agreement, lawmakers reached deals in the final hours on the most controversial sections which restrict derivatives dealing by banks and curb their proprietary trading to shield taxpayer-backed deposits from more risky activities.

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G.Anderson's avatar

By G.Anderson, June 25, 2010 at 6:37 pm Link to this comment

Just like health care reform, the Dems are already patting themselves on the backs.

No doubt the list of accomplishments grows, accompishments we will be hearing about for years to come.

The banks are already spinning things saying credit card reform will hurt the consumer, just as bank reform will hurt the consumer by restricting credit.

As if throwing millions onto the streets in financial ruin didn’t hurt the consumer, and forcing tax payers to bail them out, didn’t hurt the consumer.

Any reform that doesn’t include jail time, isn’t finanical reform, it’s a pardon.

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By cosmos, June 25, 2010 at 3:04 pm Link to this comment
(Unregistered commenter)

This financial bill is so watered down it qualifies as a homeopathic remedy.

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By MeHere, June 25, 2010 at 1:06 pm Link to this comment

Well…the path to the next financial debacle has been officially launched. On a side
note, the banks are intensifying their campaign against credit unions -they never
liked the fact that they are cooperatives with non-profit status. 
There has been a modest increase in the number of people
going to credit unions and this is hurting the banks’ feelings. It’ll be fun to find
out who are the corrupt legislators who will change this around to make the banks
happy…..while the sheep sleeps.

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By rollzone, June 25, 2010 at 12:12 pm Link to this comment

hello. exactly correct, the bill is nothing more than
the same players in Wall Street, the Beltway interface,
and the government; finding new ways to cheat: except
the Federal Reserve now grows exponentially. are we
supposed to believe a deal struck at 2AM is a
representative working at the best of their abilities?
this frenetic cerebral assault tactic, and cryptic
coercion: should be outlawed; so we at least know our
representatives were functioning at their best mental
capacities, and have no regrets about compromises they
made just hours before sunrise.

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By samosamo, June 25, 2010 at 11:16 am Link to this comment

****************


If this doesn’t include making lobbying the criminal bribery that
it is with harsh punitive measures on BOTH ends, those that
bribe and those that accept the bribes, then it will be just a
meaningless piece of paper and a waste of time. I wouldn’t
expect those who create and pass this to put any teeth in it when
the cookie jar is unguarded already.

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