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The President Chimes In Glowingly On Volcker Bill, As ABA and Financial Services Roundtable Give Thumbs Down
Full text of the president's response to proposed Dodd bill.
It has now been well over a year since the near collapse of the
financial sector, and yet today the same failed system that brought on
this crisis remains in place. The financial crisis has resulted in more
than 8 million American workers losing their jobs, trillions in
household wealth being wiped out and hundreds of thousands of small
businesses without the credit they need to grow. We cannot wait any
longer for real financial reform that brings accountability to the
financial system and makes sure that the American taxpayer is never
again asked to bail out the irresponsibility of our largest banks and
financial institutions.
This proposal provides a strong foundation to build a safer
financial system. It creates a new consumer financial protection agency
to set and enforce clear rules of the road and establishes stronger
supervision for the largest financial firms under the Federal Reserve.
It brings transparency and oversight to derivatives and other financial
markets that were central to the crisis and separates banking from
proprietary trading and hedge funds. The proposal will also provide the
government with essential tools to respond in a financial crisis, so
that we can wind down and liquidate a large, interconnected failing
financial firm. It allows us to protect the economy and taxpayers so
that we can end the belief that any firm is "Too Big to Fail".
As the bill moves forward, I will take every opportunity to work
with Chairman Dodd and his colleagues to strengthen the bill and will
fight against efforts to weaken it.
American families deserve a strong, independent consumer financial
protection agency that is accountable for setting and enforcing clear
rules across the financial marketplace. And I will not accept attempts
to undermine the independence of the consumer protection agency, or to
exclude from its purview banks, credit card companies or nonbank firms
such as debt collectors, credit bureaus, payday lenders or auto dealers.
I will oppose any loopholes that could harm consumers or investors,
or that allow institutions to avoid oversight that is important to
financial stability.
We need to ensure the ultimate bill provides strong, clear authority
for setting and enforcing rules, limiting excessive risk taking in the
financial system, and winding down the largest financial firms when
necessary in a way that does not cause a financial panic. All
derivatives must be regulated and shareholders should have a say not
just on pay but also other compensation that rewards risk taking. We
will stand firm against any attempt by the financial sector to avoid
their responsibilities: in any future crisis the big financial
companies must pay, not taxpayers.
at the same time the American Banker Association says it opposes the bill:
New financial regulatory reform legislation unveiled today by Sen. Chris Dodd (D-CT) contains important provisions, particularly with respect to systemic risk oversight, a mechanism for resolving systemically important firms, and placing limits on the concept of too-big-to-fail. "The ABA has strongly supported regulatory reform and continues to do so," said Edward L. Yingling, ABAs president and chief executive officer. "However, we are very disappointed that the bipartisan process has broken down, at least for now, and we do not believe that workable regulatory reform can be enacted without a bipartisan approach."
ABA opposes the new bill as it now stands and is suggesting a number of areas that need to be changed, including: the approach to consumer protection, which continues to separate prudential and consumer regulation; the elimination of the thrift charter; the elimination of the Federal Reserves authority over state member banks; issues within the resolution mechanism; the weakening of federal preemption; and the failure to address accounting issues in any fashion.
"We oppose this bill because it will subject traditional banks, which did not cause this crisis, to heavy new regulation, while
non-banks will have even further competitive advantage," said Yingling. "The future of traditional banks will be unnecessarily put at risk and their ability to provide the credit our economy needs will be undermined. Progress has been made, there is still an opportunity to achieve regulatory reform, and ABA will support the continuing efforts of Chairman Dodd and the rest of the Senate Banking Committee to reach agreement on a workable bill."
The Financial Services Roundtable is not that hot on things either:
"Regulatory reform is landmark legislation, and we need to be sure to get it right," said Steve Bartlett, President and CEO for the Roundtable. "Chairman Dodd has unveiled a bill which we believe hits the right notes on some aspects, like too-big-to-fail and streamlining of bank regulation." Bartlett continued, "The Roundtable believes that consumer protection should not be separated out from the regulators which govern the products. We are concerned with the autonomous authority given to such an entity."
"We continue to urge lawmakers to reach a bipartisan bill to modernizing our regulatory framework and protect consumers."
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Gellin' like Janet Yellen
Gellin' like a felon
Gellin' like watermelon
Afternoon ramp up on time again!
"The financial crisis has resulted in more than 8 million American workers losing their jobs, trillions in household wealth being wiped out and hundreds of thousands of small businesses without the credit they need to grow."
Straw man/red herring alert.
Sorry but I'm not buying that bullshit. It wasn't the crisis that did anything, it was the reaction and policy moves that were made in response to the crisis that caused those problems. Or going back further, it was the Ponzi that was deliberately and conciously promoted and which finally began to crumble that caused all those problems.
But of course, no one can talk about the 800lb gorilla in the room when you're trying to feed the 8,000 lb gorrilla in the room.
"The root cause of our economic crisis was a lack of consumer protection," Dodd said, emphasizing that the current regulatory structure is "hopelessly inadequate."
http://www.huffingtonpost.com/2010/03/15/dodd-unveils-financial-re_n_499...
I obviously haven't done enough drugs to be able to hallucinate a connection between this and the Lehman collapse or SEC's refusal to investigate current events.
"I obviously haven't done enough drugs to be able to hallucinate a connection between this and the Lehman collapse or SEC's refusal to investigate current events."
LOL
You're looking in the wrong place. It's a natural high that produces this level of hallucination. The brain releases powerful chemicals into the bloodstream when it receives information that confirms it's own delusion (also know as bias or worldview) that's 10 times stronger than any man made drug available.
So all you need do is surrender to the illusion of the Ponzi and let the good times flow.
As the bill moves forward, I will take every opportunity to work with Chairman Dodd and his colleagues to strengthen the bill and will fight against efforts to weaken it.
Thanks Obama we know you have really been looking out for the banks excuse me I meant the people.
Actions speak louder than words. Don't listen watch.
or that allow institutions to avoid oversight
The Federal Reserve is an institution...
" Mr. Dodd is intent on moving quickly..."
http://online.wsj.com/article/SB1000142405274870390980457512378314404169...
He'd better be moving quickly to another country.
A man of the people. Dimon, Blankfein, Bernanke, are people.
Now I'm confused. I thought they were deities.
Only from 9 to 5.
Life is Beautiful ain't it? As long we have Mr O, BB & Timmy.
Is the entire federal government a puppet of the Fed? It's mind-boggling.
What did you expect for their money? Sesame street? Does it make sense to invest untold megabucks in some obscure figure from Kenya, round and perfectly hollow as his first letter, and leave the circus, sorry-caucus, alone? No way. There is tremendous wholesale rebate, btw. Enjoy the show, actors are well paid.
And can we stop calling it the 'Volcker Bill' please. That gives it a false sheen of respectability, in some people's eyes anyway. It's the Dodd bill. He wants this legacy, he should have it.
Hmm....Complete punt on the Volcker rule, more bureaucracies and studies, and more power for the fed. Yippee!!!
According to SeekingAlpha the definition of prop trading seems to be firm - http://seekingalpha.com/news/market_currents/post/44257
Can't say how it plays out for the squid :/
http://www.youtube.com/watch?v=EMnSpd0XRmo
BS BS BS!
The banksters and the bankster owned puppet...er..."President"/CONgress are just trying to put up a good dog and pony show (mindful of the coming elections, no doubt). After all the a**-raping the American citizens have received from these crooks, whoever is stupid enough to believe this NONSENSE deserve what's coming their way.
Ben Bernanke also responded by singing the first verse of Black Sabbath's War Pigs while doing an impressive air guitar show
"Generals gathered in their masses
Just like witches at black masses
Evil minds that plot destruction
Sorcerers of death's construction
In the fields the bodies burning
As the war machine keeps turning
Death and hatred to mankind
Poisoning their brainwashed minds
Oh lord yeah!"
An observer of the show said "even Satan showed up who was laughing with his wings spread around Bernanke ."
Reform as sturdy as a wet paper bag..
...and Pillars of Jello eager to protect the American people.
Barry O =" Once a liar, always a liar."
Today's "professionals" and "elected officials" are running around in the back of limos to expensive luncheons and meetings, trying to figure out how to save this economy and give it back to the people.
I'll give you a clue how to give it back: STFU and restore some honesty to this gov't that once said it would be "change I could believe in" and put the greater interest of those that elected you above that of Wall Street. Do it for the greater good, do it because a man in your position needs to accept the responsibility and do the right thing for all of mankind and future generations. Get productive like Ron Paul and free up the documentation on what you are doing with OUR money. Audit the fed, send Bernanke on ground patrol to Afganistan, and put Geithner in prison. Then, proceed with castrating those fucking greedy bankers, who all are more interested in "save my bonus" than "save my soul". Fuckers.
All I can say is I don't believe the idiocy of this gov't. Change in brightness and contrast only, failed policies and top-heavy mandates for 'we the peons' remain the same.
Obama.... you said you would do something. You haven't. You're a failure. Admit it, just like all the rest of Washington that is bought and paid for by Wall Street, you are too. One day you fuckers will regret not listening to the people. The people are this country, Wall Street is not. Wall Street is some demonic enterprise cloaked under the guise of wealth creation and financial innovation. Well, a broken clock is right twice a day, dude. You have chosen who you pander to, and for that you should be ashamed.
I will never, EVER, believe another thing out of your mouth, mr. o-scama.
"The President says..."
Oh, no. That would be too real - an honest thought might slip forth. The President doesn't 'say', he reads.... Gotta stay on message, on script. You know, no honest gun and religion clinging or overtly statist type thoughts.
HISTORY GETS READY:
http://williambanzai7.blogspot.com/2010/03/history-gets-ready.html
it's a premeditated malevolent criminal wealth harvesting operation; nothing incompetent about it, it's 100% successful. just like 911 most folks are too uncomfortable with the concept that our "govt" hates us and seeks our destruction. see chapter 14 "the moveable govt".
http://www.muslimamerica.net/cz/index.htm
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