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U.S. Sen. Christopher Dodd, D-CT, on Tuesday released an 1,136-page draft bill for sweeping financial regulatory reform that will create several new protection agencies, increase regulation of credit agencies and derivatives, and alter the role played by the U.S. Federal Reserve in the financial system.
And that's just the beginning what will be a long and contentious battle to get the bill past the Senate, the House of Representatives and the Obama administration. Lobbyists, large banks, and the heads of government regulators, such as the Federal Deposit Insurance Corp. (FDIC) Chairwoman Sheila Bair, will have their say on the proposal as well.
Still, Dodd's bill, which he worked closely with U.S. Rep. and Chairman of the House Financial Services Committee Barney Frank, D-MA, to draft, is an important first step in the push for financial regulatory reform, which in recent months had been overshadowed by the Obama administration's push for healthcare reform.
This article is nothing more than propaganda for a bunch of politician whores who are the shills for GS, Citi, BoA and the other thieves of wall street. Chris Dodd, Barney Frank and Benanke are nothing more than errand boys of the big money, you should be ashamed of your "sucking on knees" posture.
This article is an analysis of a proposal that has tremendous implications for the U.S. financial system. It is not a reflection of my, or Money Morning's, political views. All I did was describe the plan, I didn't pass judgment on it. In fact, I went to great lengths to point out that the final version of the bill will almost certainly look different than the one Sen. Dodd presented. Perhaps your extreme political views influenced your reading the article.