We know what the Left Hand has been doing (Healthcare), but what of the Right Hand (Financial Reform)?

[ladyattis]

I found this article on the Christian Science Monitor and I found the general overview of this bill shocking. More or less it gives the FDIC the power to shut down any bank without much reason. This is a disturbing development for sure, but it seems like a typical tactic to hide the most impactful legislation to sneak it past the visible (contraversal) bill(s).

[E_R_Olovetto]

Yeah, this sounds much worse to me than the healthcare bill. I didn’t see this mentioned skimming through the article, but something the nanny state is tackling with this bill is “source of funds” and the range of allowable activity for insurance folk without securities licenses. What this means is that an advisor can’t suggest an annuity to a person whose source of funds is a security. Now, if someone happened to win $1 million in the lottery talking to them is perfectly fine. It has already passed as part of a bill in Arkansas, thus setting a bad precedent. Like the health care bill is the first step in crowding out private insurers, this is the first step on enacting total central control of finance as the economy collapses.

[bloomj31]

Give em the old sleight of hand.

[Cabal]

I didn’t even know about this bill until I saw this thread, but now that I know about it, I’m thoroughly paranoid… apparently this bill gives all kinds of new power to the Fed.

The Fed, thanks to strong lobbying by the central bank and Treasury, would retain oversight of bank and bank holding companies that have more than $50 billion in assets. That’s a major win for the Fed; Dodd’s original bill, proposed in November, would have stripped the central bank of all supervisory powers.

The Fed, of course, and those who felt differently made the case that having supervisor function over our largest and more complex institutions was necessary for them in order to perform their monetary functions,” Dodd said. “I was convinced that that probably made some sense.”

Among its new powers, the Fed would be able to – as a last resort, according to the summary of the bill – break up large financial firms deemed too risky to the financial system by requiring them to divest certain holdings. The systemic risk council would have to approve the decision by a two-thirds vote.

Under what’s being called the “Hotel California” provision, financial firms that opt to put themselves under Fed supervision as bank holding companies – a move made by several major investment banks during the financial crisis, including Goldman Sachs, to gain access to Fed lending – would not be able to leave the Fed’s jurisdiction.

Read more: http://www.politico.com/news/stories/0310/34438_Page3.html#ixzz0ikciu6m1

[Caley_McKibbin]

Really, any bill could do anything. You never know unless you read every page. A bill titled “Long Gun Registry Repeal Act” could say in the first paragraph that it does not eliminate the registry. Some lazy fool might read only the title.

[JoeTerp]

@Cabal

Under what’s being called the “Hotel California” provision,

you can check out any time you like, but you can never leave