Reply #12: Yep, this has been the fight since last June [View All]

[sandnsea]

And are among the things that are in the legislation that we need to get passed, after adding the split of the investment side of these firms.

"The Senate released their version of a reform bill that would create a single federal bank regulator (opposed by Volcker) leaving the Fed only in charge of monetary policy. This approach is supported by supported by Arthur Levitt, a Clinton-era Securities and Exchange Commission chairman. The Senate bill also tightens capital and leverage requirements, provides shareholder with no-binding votes on pay and board; closes loopholes on derivatives, securities, hedge funds, payday lenders and more.

In Dec, the House passed a reform bill similar to the Senate bill except it does not create a single regulator, and also creates a federal insurance regulator, directly regulates derivatives and hedge funds, reforms credit ratings agencies, and creates a dissolution authority to dismantle failing institutes."

http://obama-mamas.com/blog/?p=1078