Dodd Proposes Financial Reform Legislation

[BREMPRO]

Source: NPR

"Senate Banking Committee Chairman Christopher Dodd on Tuesday called for sweeping new government powers to prevent another economic collapse, protect consumers and dismantle failing institutions.

Dodd's 1,100 page-draft, inspired by last year's financial meltdown and President Obama's call for new financial regulations, is aimed at minimizing "economic turmoil and protect the interest of taxpayers," the Connecticut Democrat wrote.

President Obama has demanded that Congress rewrite the federal regulations governing Wall Street to close legal loopholes and prevent the kind of fraud and abuse that fed the crisis.

"The financial crisis exposed a financial regulatory structure that was the product of historic accidents — one after another over the past 80 years, created piece by piece over decades with little thought given to how it would function as a whole and unable to prevent threats to our economic security," Dodd said."

Read more: http://www.npr.org/templates/story/story.php?storyId=120273745

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a welcome sweeping proposal to reform the financial industry and oversight authority. Includes a consumer financial protection agency- inspired by Elizabeth Warren's efforts. *cue Republican outrage*...

[optimator]

1. haven't found reinstatement of Banking Act of 1933 yet

without separating investment from normal banking, this bill would be inadequate.

[pattmarty]

2. Looks like we'll get the same kind of "reform" as healthcare.

[BumRushDaShow]

3. Dammit! Repeal the Gramm-Leach-Bliley Act. Restore Glass-Steagall!!!! n/t

[WriteDown]

4. Fox proposes hen house reform legislation.

I wonder if Angelo was consulted before this was submitted.

[ThomCat]

5. Why does the media always call it "sweeping new regulations"

when it is usually trivial and full of loopholes? :shrug:

[BREMPRO]

6. i guess i should have written *cue DU outrage" I'm way beyond sick of the nay-saying here.

glass-stegal repeal or die!, single payer or die! well then, DIE and let the people who know how to get things done in the real world get to work. You don't EVER get perfect legislation. This is good news and it's hard enough to get legislation passed with republican and corporate opposition. You all appear to have no understanding or appreciation of the obstacles to get any reform through congress.

[mopinko]

7. why do some of these people stay here?

because they have their own little pack to keep their outrage addictions stirred up. some days i wonder why i am here, tho.