Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

New Financial Overhaul Gives Government Broad New Powers To Seize Financial Firms

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

House, Senate leaders finalize details of sweeping financial overhaul

Brady Dennis
Washington Post
Friday, June 25, 2010

Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.

Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. — more than 20 messy, mind-numbing hours after they began Thursday morning.

“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

Both the House and Senate must approve the compromise legislation before it can go to Obama for his signature.

(ARTICLE CONTINUES BELOW)

New Financial Overhaul Gives Government Broad New Powers To Seize Financial Firms 270510banner2

  • A d v e r t i s e m e n t

Despite myriad changes in recent days, Democrats appear poised to deliver a final bill that largely reflects the administration’s original blueprint unveiled almost precisely a year ago. Although it would not fundamentally alter the shape of Wall Street or break up the nation’s largest firms, the legislation would establish broad new oversight of the financial system.

A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.

“The finish line is in sight. The bill that has emerged from conference is strong,” Treasury Secretary Timothy F. Geithner said in a statement early Friday. “It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate.”

Full story here.

This article was posted: Friday, June 25, 2010 at 5:23 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Mysterious 'Fake' Cell Phone Towers Found Across America See the rest on the Alex Jones YouTube channel.

Nanny State to Ban Toasters, Kettles & Hair Dryers! See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.