Senator Dodd Could You Possibly Sound More Full Of It ? Fed gets a Boost!

[democracy1st]

Run time: 06:42 https://www.youtube.com/watch?v=S9jaHQMmwLw   Posted on YouTube: March 16, 2010 By YouTube Member: MoxNewsDotCom Views on YouTube: 194   Posted on DU: March 16, 2010 By DU Member: democracy1st Views on DU: 709

 
(Reuters) - The Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled on Monday by a top Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama.

The bill by Senator Christopher Dodd would give the Fed the power to break up big firms that could threaten the stability of the financial system if they suffered serious problems.

The Fed would also gain authority over the nation's largest bank-holding companies and become the home to a new consumer watchdog with oversight on mortgage-related businesses and some large nonbank financial firms, such as insurers.

Dodd released the 1,336-page bill less than a week after efforts at a bipartisan compromise broke down. Lawmakers have been arguing for months about regulatory reform following the worst financial crisis in generations that tipped the economy into a deep recession that reverberated globally.

In addition to addressing concerns over how to maintain the financial system's stability, the bill takes aim at regulating the risky financial instruments that have been blamed for contributing to the financial crisis and protecting consumers from risky financial products that have also been blamed for their role in the crisis.

Although financial markets had been on edge ahead of the release of the legislation, bank stocks barely flinched following its unveiling, as the proposal contained no surprises. The KBW Banks index of large bank stocks closed up 0.2 percent after having been down roughly 1 percent earlier in the day.

The new legislation comes less than a week after efforts at a bipartisan compromise in the Senate Banking Committee collapsed, and Dodd is pushing hard to win reforms. The future of reform legislation, however, remains uncertain, with Republicans and bank lobbyists working to weaken or block new rules that would threaten the financial sector's profits.

http://www.reuters.com/article/idUSTRE62D1YI20100316

[xxqqqzme]

1. He is an excellent example of the

definition of 'pathetic'.

[ooglymoogly]

2. Senator Dodd speaking Gubmunt speak

to cover for the lack of anything substantive. If it makes no diff where the agency is housed then why in the hell have it in the clutches of the Fed; Speaking of the wrong message. Credibility totally gone.

[Mithreal]

3. +1

[billymayshere]

5. "derivitives and these ideas arent bad necessarily"

Pretty much sums up what Chris thinks. And who exactly is gonna head this agency today and later down the road? More Paulsons and Gietners? So what we are gonna wind up with is some watered down rules for the big boys and they essentially will govern themselves. Thanks for nothing Senator Dodd. I really hope somebody digs up some more dirt on this pile of shit sellout.

[Mithreal]

6. He's done. He's not running in November, just in case anyone missed it.

Wednesday, January 6, 2010 at 12:57 PM by Chris Dodd

Today I announced that after 35 years of representing the people of Connecticut in the United States Congress, I will not be a candidate for re-election this November.

I want to express my deepest gratitude to the people of Connecticut for the remarkable privilege of being elected eight times over the past four decades to our national assembly.

You have honored me beyond words with your confidence.

http://www.chrisdodd.com/blog/main/2010/01/06/my-announcement

[ooglymoogly]

7. Chris Dodd; Soon to head up a banking or lobbyist corporation near you.

What? you ask,...Salary?...the sky's the limit; Depends on how well he does...catch my drift.

[Mithreal]

8. Wouldn't be a surprise there

[Mithreal]

4. At about 5:48 he says we couldn't get the attention of the Bush admin or Fed Reserve

And that, sir, is why where it is housed matters.