Back on April 15 I blogged about the Financial Reform Bill. This monstrosity from Frank and Dodds is getting closer to being law and yet very little is being reported about it. Here's a quick tour of what's in it. It is over 1300 pages, so I (and most of those in Congress) have not read the whole thing. This bill could be more dangerous than the Health Care Law.
-The bill creates the Financial Services Oversight Council (FSOC), a massive new agency within Treasury Dept. This agency will have the power to force financial institutions under its supervision without even requiring the approval of congress (not that their approval means anything anymore). This is seizure of private property by the Executive Branch...creepy.
-Sec 113 also gives the Treasury "Authority to require supervision and regulation of certain nonbank financial companies" and creates a Too-big-to-fail class of businesses "if the Council determines that material financial distress at the U.S. nonbank financial company would pose a threat to the financial stability of the United States."
-Creation of a Bureau of Consumer Financial Protection. This bureau assumes that all consumers are stupid and therefore limits the choices we have to the most basic forms of investments. It requires that we decline basic products before we are allowed to purchase more complex products.
-GEO-CODED ADDRESSES OF DEPOSITORS (Sec 1071).— "Customer addresses shall be geo-coded for the collection of data regarding the census tracts of the residences or business locations of customers." Tell me this isn't an invasion of privacy? The bill also requires that banks track and report the location and dollar amount of your deposits.
-Fannie Mae and Freddie Mac, the two bloated firms that got us into much of this mess, are exempted from this regulation. (See my May 15th post on Fannie's Blank Check).
-The Treasury can open and borrow from a line of credit. There goes congressional approval again. The legislative branch is legislating themselves out of existence.
This bill is another nail in America's coffin. And to rub it in, Obama plans to sign it on July 4th.
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