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Democrats unveil their proposed finance regulations
Osaka News.Net
Tuesday 16th March, 2010
The US financial regulation bill has been unveiled.
The Democrat chairman of the Senate Banking Committee, Christopher Dodd, has unveiled the bill, which still does not have the support of any of the ten Republican members of the committee which has been debating it.
Christopher Dodd has struggled to get Republican backing for the proposed new laws that will give the US Federal Reserve more regulatory powers over US banks.
Banks with assets of more than $10 billion will come under the regulations, as will all mortgage-related businesses and large non-bank financial firms, such as insurers.
Portions of the bill propose the establishment of a new consumer protection agency at the Fed, with powers to regulate all lending.
It also includes the formation of a nine-member council responsible for financial stability, which will have powers to break up large companies if they are deemed to pose a threat to the stability of the financial system, as well as place financial institutions under the supervision of the Federal Reserve.
While it is not clear if the bill will gain the support of Republicans, President Barack Obama has referred to the planned laws as "a strong foundation" which will need to be strengthened.  Email this story to a friend
Comments on this story
Anonymous
03-16-10, 08:12 AM |
US finance bill unveiled in Washington
If our forefathers didn’t have the insight to know that we needed a check and balance system then we would have been totally controled(dictated) by now.I can hardly wait until November to vote against this disfunctual party.
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` ~galljdaj+
03-16-10, 08:56 AM |
Right!
Bring back barabas and get bigger and more murders going!
Dig the Deprssion deeper and deeper! Why go at 100mph when we can go 200mph! Down the mountain!
Never once make the republicans fix the mess they caused! Just support obstructions! Just support the briber gangs that are in control!
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Anonymous
03-16-10, 12:11 PM |
The republicans become the bad guys because they are in support of the majority of the people.The Democrats are going to learn a lesson in November.The majority does not always have the best answer to a problem but the minority almost always has the worse answer.
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cheneytheclown
03-17-10, 03:01 AM |
Greedy Kind
I wonder what the Republicans did or have accomplished for the past eight years,besides war,terror, debt,foreclosure,unemployment adn embarrassment. Anybody?
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Citizen of the uSA
06-12-10, 11:21 PM |
RE: Greedy Kind
Is that the limit of your historical perspective: 8 years? If you’re so interested in history, why don’t you study it? Perhaps you’ll learn that both parties are responsible for the situation in the united States ... but you probably won’t learn anything and continue pointing fingers at whoever’s convenient.
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