Leading Senator Pushes New Plan to Oversee Banks

[kpete]

Source: New York Times

Leading Senator Pushes New Plan to Oversee Banks

By STEPHEN LABATON
Published: September 19, 2009

WASHINGTON — The senior Senate Democrat shepherding legislation to overhaul the nation’s financial system is planning to propose the merger of four bank agencies into one super-regulator, an idea that is significantly different from what President Obama envisions.

The legislation being prepared by Senator Christopher J. Dodd of Connecticut, who heads the Senate Banking Committee, would also differ from the Obama plan by diminishing the role of the Federal Reserve as a systemwide overseer.

Mr. Dodd’s plan is intended to be the starting point for the Senate as it redraws the financial landscape in response to the market crisis.

For consumers, banks and the markets, Mr. Dodd’s bill is expected to take on the same central role in the debate as Senator Max Baucus’s recent bill is to remaking the health care system.



Read more: http://www.nytimes.com/2009/09/20/business/economy/20regulate.html?hp

[aquart]

1. Dodd?

Can that possibly be a good thing?

[msongs]

2. u mean dodd is gonna be the industry's bitch/prostitute lol nt

[njlib]

3. Why can't they just

reinstate all the regulations that have been removed over the past 15-20 years, that had already been proven to work? I don't understand why they need to come up with a new plan.

[UpInArms]

4. 'cause those things worked fairly well

and we just can't do that now since we are living in a completely new paradigm wherein everything must be turned inside out and you can't remember the truth because you haven't been to your re-education camp

:sarcasm:

[njlib]

5. sigh

It's all so depressing...we're so screwed and I really don't think it's going to get better.

[Jim Sagle]

7. Because that would stifle "financial innovation", haw haw haw.

[BunkerHill24]

6. My Dear Dodd

Have you seen the pain; have you seen your likes as to having wealthcare!

I bet, Sir, they had insurance when you go on screening on assholes? Sure you did...and now you find hard to imagine!

Maybe you will pay it of on your American Express!

[fasttense]

8. Dodd's Bill Sounds Good

We need to combine authority and regulations because what has happened is that corporations are going around saying, I'm a Wall Street Firm, No I'm a bank, no a credit unions, wait, I'm an insurance agency.

Because these huge financial firms did all of these activities (broker, financial investment, banking, credit union, insurance) they were able to pick the least effective governing entity. If the governing agencies are combined, firms wont have such an easy way of avoiding the few regulations in place. The alternative would be to prevent a firm from doing more than 1 of these activities (Glass-Steagall anyone?)

I'm glad the Fed IS NOT getting any more authority. They are a wholly owned arm of Goldman Sachs anyway. Under their current authority they could have prevented this 2nd Republicon Great Depression. But of course, they didn't and preferred to throw our tax dollars from a helicopter to their Wall Street buddies.

What I'm hearing about Dodd's bill is not so bad.

[Hubert Flottz]

9. Remember how lax the FBI, the CIA and the Bushies were...

when it came to sharing information that might have netted the perpetrators of the attack on 9/11 and spared us a "second Pearl Harbor?" America has been and still is, under attack by economic terrorists and thugs too. Maybe we need to create another super agency to police the police?