Dodd’s Banking Bill Takes The Fed Down A Notch Or Two
OPS_admin | Nov 10, 2009 | Comments 0
This is not a time for timidity,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said Tuesday as he unveiled what he called a “sweeping, bold, comprehensive, long overdue” restructuring of the financial regulatory regime – one that, unlike competing proposals, limits rather than expands the powers of the Federal Reserve.
Specifically, Dodd’s bill takes away the Fed’s regulatory power in some key areas. “I really want the Federal Reserve to get back to its core enterprises,” Dodd said. “We saw over the last number of years when they took on consumer protection responsibilities and the regulation of bank holding companies, it was an abysmal failure. So the idea that we’re going to go back and expand those roles and functions at the expense of the vitality of the core functions that they’re designed to perform is going in the wrong way.”
The bill would also end the practice of allowing banks to select the directors of the regional Federal Reserve banks. That was a last-minute addition that came after the committee’s top Republican, Sen. Richard Shelby of Alabama, told HuffPost he wanted to end the conflict of interest.
Dodd’s bill is comprehensive, coming in at over 1,000 pages and tackling topics from derivatives reform to consumer financial protection.
Full Story Dodd’s Banking Bill Takes The Fed Down A Notch Or Two: HELP US DIG THROUGH IT.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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