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chiaThePet -> RE: House Approves Tougher Rules on Wall Street (12/13/2009 9:56:26 AM)
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Before approving the measure, House Democrats held off an attempt led by
Representative Walt Minnick, Democrat of Idaho, to replace the proposed
new consumer protection agency with a council made up of existing regulators.
He and other moderate Democrats, joined by Republicans and much of the
the banking industry, argued the new agency — a central element of the
overhaul — represented an unnecessary bureaucratic approach that would give
the federal government excessive control over mortgages, credit cards and
other financial products.
“How many new government agencies are necessary to accomplish this task?”
asked Representative Dan Boren, Democrat of Oklahoma. Their effort was
defeated on a vote of 223 to 208, removing a final obstacle to the measure.
It would have created jobs? How dare they!
In other important preliminary votes, lawmakers slightly scaled back the bill’s
ambitions to address objections from powerful financial interests.
Heeding complaints from banks, the House rejected an effort to allow bankruptcy
judges to restructure mortgage payments, a plan that has passed the House before
but not the Senate.
House members also agreed to relax some of the proposed new controls on trading
in derivatives. Rather than subject all over-the-counter derivatives to open trading
the bill would subject such derivatives only if they were traded between Wall Street
Wall Street firms, or with a major player like the American International Group. But
the transactions between dealers and customers will remain largely hidden, so
customers will not be able to compare the prices they are being charged with the
prices charged to other customers.
Who's your bitch?
My Daddy was a jockey and he taught me how to ride.
He said, "chia*, you've got to hit it from side to side".
chia* (the pet)
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