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Tag Archives: Congress

Dodd-Frank Wall Street Reform and Consumer Protection Act

* * * A ten page summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act * * * The full text of the Dodd-Frank Wall Street Reform and Consumer Protection Act * * * Davis Polk interprets the Volcker rule Kudos to House Financial Services Committee Chairman Barney Frank on the level of transparency in the legislative process… good show…

The Wall Street Reform Bill: Conference Update

A summary of where we are in the legislative reform process of the financial system. [BTW: follow me on Twitter  — cate_long — tweeting on the conference process) From an email announcement from the House Financial Services Committee: The Wall Street Reform Bill: Conference Update Washington –Last week was a successful week for the House […]

How to untangle the credit rating agency’s conflicts of interest

The House and Senate conferees worked hard to today to reconcile their versions of financial reform. Agreement was reached on private funds, insurance regulation and the merger of bank regulators. A sticking point was on Subtitle C of Title IX which covers credit rating agencies. I’d like to recommend to Chairman Barney Frank and others that they propose […]

Credit ratings agencies are more powerful than regulators – why not harness that?

Tomorrow the House and Senate conference committee is finalizing the language for credit rating agencies. The push and shove is in full flight… Senator Al Franken is promoting his amendment to establish a “ratings board” that will assign a specific rater (Nationally Recognized Statistical Rating Organizations [NRSRO]) to rate structured finance deals. If adopted his amendment […]

In response to Ben Bernanke’s claim of Fed independence

Federal Reserve Chairman Ben Bernanke gave a speech at the Bank of Japan on the importance of central bank independence and transparency… Chairman Bernanke espoused a lot of platitudes… but the reality of the Fed’s actions is their deep entanglement with the administration, Congress and Wall Street… I think we will be hearing more speeches […]

The American people would like an explanation

Have a look at this video to get an idea of the true fire of democracy… Senator Jeff Merkley, of Oregon, uses his heart and soul to push back against the power of Wall Street… Kudos to Senators Merkley, Harkin, Levin, Dorgan, Cantwell, Lincoln, Kaufman, Whitehouse and all others who have taken to the floor […]

Let the sunlight in…

Conservatives and progressives worked together to support Senator Sanders in his quest to have the Federal Reserve audited. Kudos to Senator Sanders. We took a big step forward  in reclaiming our nation today. Bloomberg reporting… ~~~ “The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, […]

The continuing expansion of the Federal Reserve’s scope

From Washington’s Blog: ~~~ “On Tuesday, I wrote: The Fed argues that an audit would interfere with its monetary policy decisions. [But] decisions about what toxic assets should be accepted by the Fed as collateral, how such assets should be valued, and who bailout funds should be given to are wholly separate from the Fed’s core monetary […]

AUDIT THE FED

President Obama should do Americans a favor and get behind the AUDIT THE FED amendment rather than fighting it. His actions in this matter subvert every campaign promise he made about accountability and transparency. When Congress passes the Sanders “AUDIT THE FED” amendment today important information will be audited by the Government Accountability Office such […]

Audit the Federal Reserve

The Dodd bill (Senate bill 3271) grants enormous new powers to the Federal Reserve. Senator Bernie Sanders of Vermont is filing an amendment (S. 3738) to “audit the Fed” which currently has fifteen cosponsors. America needs ponder if a private, independent institution should control such a substantial part of financial system without complete and thorough […]