Here we go again: With Nods to Both Sides, Dodd Will Introduce Financial Reform Bill

[depakid]

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.

In a concession to liberals, states’ attorneys general could sue violators of those rules, and the agency would have enforcement powers over large banks, mortgage originators and servicers, and other large lenders.

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.

The bill would also reshape the regulatory role of the Fed. It would be entrusted for the first time with oversight of all of the largest and most interconnected financial companies, even if they are not banks. And it would continue to oversee the largest bank holding companies, those with $50 billion or more in assets — about 35 companies, including Bank of America, JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.

But even as the details were being hammered out Sunday evening, questions remained: can Democrats tap into the vein of populist anger over the excesses of Wall Street and shepherd the bill through, 18 months after the near-collapse of the banking system almost wrecked the economy?

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

Excellent- start out again with a major concession on the center piece of your legislation!

[golfguru]

1. The Fed needs many controls....it is out of control n/t

[denimgirly]

2. "incorporate ideas from both.." - Meaning: We dont want to change anything

[msongs]

3. democrats - start at the bottom and work your way......down lol nt

[CoffeeCat]

4. Ok, we all know that the banks own our government...

...they're just as (if not more) powerful than the health-insurance
lobby.

So...what is this really all about?

My guess is that this will be similar to the healthcare legislation. The
bill will be positioned as "reform", but in reality--it's chock full of
nasty stuff that the banks want and they'll try to pawn it off as real
reform.

I wonder what the banks want now?

[QC]

5. Once again, starting with a compromise and working down from there.

Could someone please take these people to a yard sale so they can learn how to negotiate.

[jeanpalmer]

6. "The legislation would create

a consumer protection agency within the Federal Reserve to write rules governing mortgages, credit cards and other financial products....

"...the bill would allow a council of regulators, led by the Treasury, to overturn proposed consumer rules by a two-thirds vote."

bankers protecting us on credit cards... :rofl: :rofl: :rofl: