{"id":190310,"date":"2009-12-11T15:27:00","date_gmt":"2009-12-11T20:27:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/11\/house-votes-to-tighten-regulation-of-financial-system-nytimes-com\/"},"modified":"2009-12-11T15:27:00","modified_gmt":"2009-12-11T20:27:00","slug":"house-votes-to-tighten-regulation-of-financial-system-nytimes-com","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/11\/house-votes-to-tighten-regulation-of-financial-system-nytimes-com\/","title":{"rendered":"House Votes to Tighten Regulation of Financial System &#8211; NYTimes.com"},"content":{"rendered":"<p><a href=\"http:\/\/www.nytimes.com\/2009\/12\/12\/business\/12regulate.html?partner=rss&amp;emc=rss&amp;pagewanted=all\">House Votes to Tighten Regulation of Financial System &#8211; NYTimes.com<\/a>  thankfully, the CFPA survives, but they <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601103&amp;sid=aWt97uj9FV.o\">voted down cramdown on mortgages in bankruptcy<\/a>, and voted for the <a href=\"http:\/\/www.huffingtonpost.com\/mike-elk\/wall-streets-favorite-dem_b_384206.html\">contemptible Melissa Bean&#8217;s contemptible preemption language<\/a>, which allows the Office of the Comptroller of the Currency, to strike down state consumer protections.<\/p>\n<p><span style=\"font-style: italic;\">USA Today<\/span>, of all people was right hen it said that, &#8220;<a href=\"http:\/\/blogs.usatoday.com\/oped\/2009\/12\/debate-on-blame-for-the-collapse-our-view-new-recipe-for-economy-fry-bernanke-add-political-spice.html\">The Comptroller of the Currency, for example, behaved much like a banking lobby embedded in the Treasury Department<\/a>,&#8221; so this is simply repulsive.<\/p>\n<p>Bullet points:<\/p>\n<ul>\n<li>The Creates the Consumer Financial Protection Agency (CFPA) is created.<\/li>\n<li>A Financial Stability Council is created.<\/li>\n<li>Dissolution Authority, though the way that it is structured, it may be considered a &#8220;perpetual TARP&#8221;.<\/li>\n<li>Shareholders get a <span style=\"font-weight: bold;\">non-binding<\/span> \u201csay on pay\u201d, which means nothing.<\/li>\n<li>Increases the SEC\u2019s powers.<\/li>\n<li>Regulation of Derivatives, but it&#8217;s full of loopholes.<\/li>\n<li>Mortgage Reform.<\/li>\n<li>Reform of Credit Rating Agencies:a biggie if the reforms mean anything, but they seem to be weak tea.<\/li>\n<li>Registration of hedge funds, though it seems weak.<\/li>\n<li>Creates an Office of Insurance, which is a big thing, since insurers are likely the to be in the meltdown shortly.<\/li>\n<\/ul>\n<p>In the least surprising news of the day, it appears that no Republican voted for the bill.<\/p>\n<p>A <span style=\"font-weight: bold;\">long<\/span> list of the amendments is <a href=\"http:\/\/rules.house.gov\/amendment_details.aspx?NewsID=4516\">here<\/a>.<\/p>\n<p>It&#8217;s better than nothing, but not by much, and you <span style=\"font-weight: bold;\">know<\/span> that the bad parts will be kept, and the good parts thrown overboard, in conference committee.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>House Votes to Tighten Regulation of Financial System &#8211; NYTimes.com thankfully, the CFPA survives, but they voted down cramdown on mortgages in bankruptcy, and voted for the contemptible Melissa Bean&#8217;s contemptible preemption language, which allows the Office of the Comptroller of the Currency, to strike down state consumer protections. USA Today, of all people was &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,998,1004,1020,985],"tags":[],"class_list":["post-190310","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-congress","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190310"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190310"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190310\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}