Lawmakers Seal Deal on Historic Wall Street Reform

[Elmore Furth]

Source: Reuters

WASHINGTON (Reuters) - Lawmakers hammered out a historic overhaul of financial regulations on Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit of world leaders.

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

The bill, the most sweeping financial rules revamp since the 1930s, is headed toward final congressional approval next week although implementation will be bogged down for months in regulatory rule-making.

The legislation would set up a new financial consumer watchdog, create a protocol for dismantling troubled financial firms and mandate higher bank capital standards, all in an effort to avoid a repeat of the 2007-2009 credit crisis that hammered the economy and triggered taxpayer bailouts of floundering firms.
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Read more: http://www.nytimes.com/reuters/2010/06/25/news/news-us-financial-regulation.html?_r=1&ref=news

[ixion]

1. Funny how they speak in the past tense, as if the crisis is over.

It isn't.

[Fearless]

2. For the wealthy it may well be.

[ixion]

3. Only if they know how to grow their own food.

Otherwise, they're just as screwed as everyone else.

[Fearless]

4. They do know how to hire undocumented labor ask Mitt Romney...

:rofl:

[ixion]

5. aye, and there's the rub

The labor of someone who can produce food is priceless to someone who is starving.

[TomCADem]

6. Details emerge on new US levy on banks, hedge funds

Source: Reuters

WASHINGTON, June 25 (Reuters) - A proposed tax on banks and hedge funds to fund the landmark financial overhaul bill will last a decade and proceeds will be barred from use to bail out failing firms, according to text of the legislation obtained by Reuters.

The new assessment will cover the costs of the $19 billion legislation that slaps tougher rules for Wall Street, which passed early Friday morning.

Expenses include setting up a new consumer watchdog agency, helping the jobless with mortgages and funding community development.

Financial companies with more than $50 billion in assets and hedge funds with more than $10 billion in assets will be hit with the new levy upon enactment and lasting until 2020.


Read more: http://www.reuters.com/article/idUSN2518283620100625

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Republicans will probably spin the levy as a tax on success with McConnell referring to such banks as mom and pop operations.