WTF Gary Peters! There is no excuse for this.

[PassingFair]

None.

http://clerk.house.gov/evs/2013/roll569.xml

[IdaBriggs]

1. Gary is a pretty smart guy, and I know nothing about this legislation.

Would you mind sharing what it means and why you think it is bad?

Thank you.

[PassingFair]

2. Happy to.

http://www.huffingtonpost.com/eric-zuesse/is-your-member-of-congres_b_4179288.html

snip>
Here is the record of the vote in the House.

As you can see there, only 122 members of the U.S. House of Representatives voted against repealing this crucial protection of U.S. Taxpayers - this crucial provision to not extend to Wall Street's gambling casinos the federal insurance that was originally intended only for ultra-safe savings accounts and checking accounts. (That roll-call is where you will see Maxine Waters' floor-vote against the repeal-measure.) There were 292 "Aye" votes, including 222 Republicans, and 70 Democrats. There were only 122 "No" votes, including 3 Republicans, and 119 Democrats. (One of the 70 Democrats who voted to gut Section 716, and so, in effect, to hold the U.S. public again vulnerable to bailing out the Wall Street mega-banks if their gambles go bad, was congressperson Debbie Wasserman Schultz, the friend of Hillary Clinton that Barack Obama chose to head the Democratic National Committee; so, the corrupt Democratic Establishment were in league with virtually all Republicans on this. The only 3 clean Republicans here were: John Duncan of Tennessee, Walter Jones of N.C., and Thomas Massie of Kentucky.)

119 Democrats and 3 Republicans voted against extending federal insurance to Wall Street's casinos. 222 Republicans and 70 Democrats voted in favor of extending federal insurance to Wall Street's casinos.

No House vote in recent memory could be a clearer indication of the identities of the members of the House of Representatives who actually represent Wall Street, and of the members who represent the public that elected them.

Wall Street evidently owns 292 members of the U.S. House. Only 122 members are not owned by Wall Street.

It's something worth making note of. Apparently, at least 292 members of the U.S. House are corrupt - they are the ones whose owners are, clearly, the mega-financial institutions, who benefit from this taxpayer-funded gravy-train for the most elite category of gamblers. <unsnip

By the way, I believe that Peters was shoe-horned in by our DLC infested MDP.

[Jackpine Radical]

3. What Does HR 992 Do?

HR 992 modifies Section 716 of the Dodd-Frank Act to add numerous additional exemptions to the section’s ban on Federal government bailouts of large derivatives dealers.

What Does Section 716 Do?

The key effect of Section 716 as currently written is that it would force many types of swaps dealing activities to be removed from insured depository institutions and placed into a separately capitalized subsidiary. This is because Section 716 prohibits public (taxpayer) support for derivatives dealing, and insured depository institutions are automatically eligible for substantial public support. This support includes access to the Federal Reserve discount window as well as FDIC deposit insurance.
Section 716 already contains exemptions to the broad ban on public support that permit dealing in interest rate swaps and foreign exchange swaps to remain within the depository institution. Any derivatives needed to hedge actual banking activities may also remain within the depository institution. However, dealing in more exotic swaps – including equity swaps, many commodity swaps, and all customized credit default swaps -- would have to be conducted in a separate subsidiary completely supported by private capital and not eligible for the public support given to depository institutions.

How Exactly Does HR 992 Modify Section 716?

The exemptions added by HR 992 would allow almost all of the forms of swaps dealing ‘pushed out’ of the depository institution by Section 716 to instead remain in the depository institution. These swaps dealing activities would once again be supported by the public safety net, including Federal Reserve and deposit insurance support. This reverses most of the effect of Section 716.

[PassingFair]

4. It forces the citizenry to bail out derivitives traders. nt

[Jackpine Radical]

5. Exactly.

Edited to add--


They're setting us up for a second helping of a gouging of the public coffers, a new round of socialism for the rich at the expense of everyone else. They didn't quite manage to get EVERYTHING last time, so they're coming back to finish the job.