Senator Chris Dodd Working On The Most Compicated Regulatory Bill Ever……..

Posted By on November 12, 2009

Sen. Chris Dodd unveiled a whopper of a bill, one that might cause the biggest financial and monetary shakeup…umm…ever. Like most of Congress, we’ve barely cracked the 1,136-page affair…but here’s what we’re picking up thus far:

  • Under the proposed bill, the Fed gets stripped of almost all its banking oversight and consumer protection powers. Bernanke and company will be used only to determine monetary policy.
  • The bill would create three new government agencies:
  • One would be designed to regulate banks, essentially combining the current powers of the Fed, the Federal Deposit Insurance Corporation, the Comptroller and the Office of Thrift Supervision.
  • The second new agency – the Agency for Financial Stability – would be a “council of regulators” that would monitor systemic risk, enforce capital standards, limit leverage and even break up companies if Congress sees fit.
  • The third agency would be called the Consumer Financial Protection Agency, which will save us from ourselves by regulating consumer mortgage, credit and investment products
  • The SEC, for all its glory, gets more power and more money.
  • Hedge funds with more than $100 million will have to register with the SEC and disclose more information. Investment advisors and ratings agencies will also be targets for stricter oversight.
  • Looks like the most complicated regulatory system in the world is about to get much more complicated. We’ll keep an eye on it.

    The real question: Who will benefit from these proposals? Follow the money…

    Chris Dodd's Chief Contributors

    Shameful. How’s this for reform…the world’s biggest banks should not be allowed to buy a campaign for the chairman of the Senate Banking Committee.
    www.thedailyreckoning.com

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