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."
