Chris Dodd's New Legislation Would Strip Power From Fed, FDIC

wsj.com:

WASHINGTON -- A key Senate lawmaker is readying legislation that would dramatically redraw how the financial system is regulated, setting the chamber on a collision course with both the House of Representatives and the Obama administration, which have championed markedly different approaches.

The bill, which is being readied by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), would strip almost all bank-supervision powers from the Federal Reserve and Federal Deposit Insurance Corp., according to people familiar with the matter.

Read the whole story: wsj.com

Comments

[imsosure]

This would certainly be change, hoping to make the players be concerned that the game is being monitored besides another player. The rules wouldn't be made up as they go and there would be a potential for enforccement not bailouts when the players break away from the guideline and cause them to be aware of things other than their own greed. They have become too far seperated from building a strong nation, their causing too many issues fo others and they are not making repairs on their own. They need to be more cautious and that won't happen unless the game is being monitored by someone other than themselves.

[loki]

This sounds like a good start, except that knowing Dodd and his history , I doubt it will happen. Even if it does, there will be something else giving them more power and less oversight than ever before. Dodd does not do things to upset the hands that feed his bank account.

[02bmw76]

Abolishing the Federal Reserve is what's needed. Everything else is just political posturing and rhetoric.

[ebanks84]

It's about time somebody in our government stands up to the grossly humongous crooked Federal Reserve. All their power needs to be stripped. They are the epitome of the "money mongers" and crooks.

[maxhardon]

The banks bought Dodd for chump change.

[wikwox]

Connecticut, it's politicians are the new S. Carolina. Dodd and Lieberfool, retched to Geithner.

[Stop the bail]

Woo hooo I love job less recoveries..10.2% unemployment and the stock market is up anyway. I'm sure all the millions of unemployed would feel relieved to know the economy is finally growing even if there won;t be any jobs available to them due to outsourcin­g/insourci­ng technological efficiency, or greedy employers.
http://financeopinionss.blogspot.com

We need a 2nd stimulus devoted only to JOBS

Stupid re.pukes and Milton Friendmanism keeping it from happening

[humanbeing-rick]

Brilliant! I am sure a committee of bankers and Wall Street tycoons will regulate the industry just fine!
Again, another fox guarding the hen house scenario.
How stupid do they think we are?

[rosiebond007]

I hope the new Regulation Powers, whenthey are formed, will be a non-partisan entity.

[BrickSykes]

Sorry, not likely.....

Brick

[ebanks84]

I have hope. There's nothing else left.

[ChicagoBob]

The Fed is not a government agency. Yes, the president appoints leaders but the group is really private people from the banking industry, actually the biggest banks.

The fox is guarding the hen house.

If we want real oversight and meaningful regulation, this move is only logical.

[ebanks84]

We need to take back the ability to print our own money instead of the Feds doing it for us and giving it to their brethren. They look out for their own and God knows we don't need anybody else looking out for the robber banks.

[mongus]

Who's minding the store?

Are the republicans still in charge?

[Heartlight3]

If they want to leave the three regulatory agencies that we have had all this time in charge,my question would be if they didn't do the job then why do we think they'll do it now?

[Hollywooddeed]

Brilliant. I'm sure banks will do the right thing.

[ebanks84]

Yeah, right :(

[duxguts]

Please forgive Chris. He hasn't been in the news much lately.

[stanschurman]

Huffpost doing what it does best, putting up a mis-leading headline.

[RomeoMD25]

The global warming scam passed by Congress. Goldman Sachs is in the middle of it, as usual– a potential trillion dollar sure thing.

And Former Vice President Al Gore who will profit from the cap-and-trade plan through his company, Generation Investment Management,–
Gore is joined by three former Goldman Sachs heads in their carbon offsets business.

http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/7