With Nods to Both Sides, Dodd Will Introduce (Financial Reform) Bill

[depakid]

Source: NY Times

Senate Democrats will press forward this week on legislation to overhaul the nation’s financial system in a critical test of whether Washington can pass reform.

The bill that Christopher J. Dodd, chairman of the Senate Banking Committee, will introduce on Monday appears written with the goal of forging a consensus that can overcome partisan division, with provisions that incorporate ideas from both Democrats and Republicans.

Among the most recent provisions in the bill to emerge, according to people who have been briefed on the draft, is one that would curb Wall Street’s power over the Federal Reserve Bank of New York. Its president would be appointed by the president of the United States, not by member banks. Another rule would ban bank officers from sitting on the New York Fed’s board, meaning that Jamie Dimon, chief executive of JPMorgan Chase, would probably have to leave the board.

The legislation would create a consumer protection agency within the Federal Reserve to write rules governing mortgages, credit cards and other financial products, said the people, who insisted on anonymity because the details were still in flux.

Read more: http://www.nytimes.com/2010/03/15/business/15regulate.html

[Donnachaidh]

1. forging a consensus -- code for watered down, let the crooks do the oversight

and who do I talk to about my future lobbyist perks?

:sarcasm:

[midnight]

11. No kidding. I wonder how Elizabeth Warren likes this?

[No Elephants]

14. I know she wants an INDEPENDENT consumer protection agency, not one the Fed controls.

I don't know about the rest of it.

I expect we'll find out soon. She seems willing to speak her mind.

That is one smart, brave woman of integrity, with almost no "slick."

We tend to forget what it's like when all those characteristics converge in one public figure.

It's like what the SCOTUS said about pron. You can't define it, but you know it when you see it.

[TomCADem]

2. Corker Was Blaming Health Care Reform For His Oppostion To Pay Day Loan Regulation

Corker was blaming health care reform for Republican instransience on financial reform. I guess if we dropped HCR, then the Republicans would support a consumer protection agency. But, because the Democrats are still pushing HCR, they are just making Corker do things like push an exemption for pay day loan centers.

[depakid]

3. Regarding pay day loans- a curioius fact is that they proliferate where fundamentalists hold sway

Check it out:

Professor Coauthors Study Mapping Correlation Between Christian Right, Payday Lenders

Payday lenders, creditors that charge interest rates averaging about 450 percent, are more prevalent in Conservative Christian states, according to a new study coauthored by University of Utah law professor Christopher Peterson. The study, which is based on the most comprehensive database of payday lender locations yet compiled, maps a surprising relationship between populations of Christian conservatives and the proliferation of payday lenders.

“We started this project hoping to find out more about the spatial location of payday lenders and were surprised when a pattern reflecting a correlation with the American Bible Belt and Mormon Mountain West emerged,” said Peterson, who conducted the research and coauthored the article with Steven M. Graves, an associate professor of geography at California State University, Northridge. “The natural hypothesis would be to assume that given Biblical condemnation of usury there would be aggressive regulation and less demand for payday loans in these states, but ironically, the numbers show the opposite is true. It’s sad that states with a pious and honorable religious heritage now disproportionately host predatory lenders.”

More: http://today.law.utah.edu/2008/02/u-of-u-professor-coauthors-study-mapping-correlation-between-christian-right-payday-lenders/

[TomCADem]

4. Facinating - Then Again, Look at Glenn Beck's Denunciation Of Christians Promoting Social Justice

The right wing has completely sold out Christianity, so I guess I am not surprised.

I often disagree with you depakid, but I like your posts, because they do provoke a lot of thought.

[pattmarty]

6. The article misses the MAIN point which is the people are poorer.........

.............in those states. And along with being poorer, less educated, are more susceptible to religions "charms".

[PSPS]

7. It doesn't surprise me. It's really the "Elmer Gantry Belt"

[No Elephants]

13. Very interesting, given what the Bible says about charging interest and lending practices in general

Somne churches use that in their fund-raising, too.

"Biblically, we don't believe in borrowing, so we we need to pay for {name the project}, so please donate generously."

[Donnachaidh]

16. you know, BOTH sides talk out of their asses FAR too much

"If you'll drop this, we'll do this"

What is this, a frigging schoolyard? These are issues, not frigging baseball card trades.

"Making Corker do things" -- yeah, he's got a frigging gun to his head. They ALL need to grow the f*ck up -- these are peoples lives they are frigging with here.

If they can't get beyond this schoolyard BS they should ALL be retired. Because this is what is WRONG in Washington.

[Bluebear]

5. Oh, good, because overcoming partisan divide is more important than anything.

[Stumbler]

17. Of course

That's how the thugs acted when they were power... wasn't it?

[SlingBlade]

8. What a fuck'in Shill !

[Oerdin]

9. It won't reform anything.

And we know it.

[cliffordu]

10. I wonder how many R votes for this bill it would take to

absolutely break the spine of their 'party'.

I think a few - under a dozen - acting for themselves - could start a landslide AWAY from the Boners and the Crists and the other idiots.



It could be what this sturm und drang has really been about. Not chess at all, but the destruction of the right.

[JCMach1]

12. Seriously was the FED the biggest part of the problem here?

Will this end credit default swaps on mortgages and other exotic products on tangible assets (i.e. non-commodities)? Hmmm something tells me it ain't gonna happen.

[No Elephants]

15. So, the two sides Dodd was nodding to were Bernanke and the Republicans?

Maybe he just should have nodded off.

My nod to both sides is two finger salute.



I love how the NYT says,

But in a nod to Republicans,the bill would allow a council of regulators, led by the Treasury, to overturn proposed consumer rules by a two-thirds vote. And although the consumer protection agency would have a director appointed by the president, it would be housed within the Fed, an anathema for consumer advocates.

As if the rest of the bill were full of goodies for Democrats. Even the bit about state attorneys general is not for Democrats.

I must be getting old. I can remember when the NYT did not slant news stories.