US Action News

Dodd-Frank will cause a 26 percent increase in financial regulatory restrictions.

Crowley left during the Dec. 10 debate over amendments to the legislation in order to attend his holiday fundraiser at financial industry lobbyist Julie Domenick’s home, which is also her office. He then came back and voted against amendments that would have strengthened the bill, the New York Times reported.?

SEC suddenly becomes no longer subject to the Freedom of Information Act, Advisory Committees are made NOT subject to the Federal Advisory Committee Act, global regulation and ‘fees’ are authorized in the bill, racial quotas and race ‘advisory’ agencies are required in the bill, privacy of financial transactions is eliminated – what’s not to like?

Big Brother is here in the form of the new bill just signed by Obama. This bill gives unelected bureaucrats vast new powers, ends your right to privacy, makes bailouts permanent, rewards the contributors to the housing collapse and does nothing to correct the root causes of the financial crisis. And they are proud of it.

Rather than wait for Congress’s own Financial Crisis Inquiry Commission to issue its report in December to examine the role of the GSEs and other causes, Congress passed a bill that will not prevent future bubbles and imposes untold costs that will put the country in danger of slipping back into a recession.

Contributions from the financial sector account for roughly 30 percent of all money collected by the campaign committee and leadership PAC of Senate Banking Committee Chairman Chris Dodd. But that is just not enough. His wife has a $153,000 salary on the board of CME which just got access to Federal Reserve funds from the Dodd bill. How convenient.

The Dodd-Frank financial fiasco ‘reform’ bill creates a new mandated quota system by setting up a ‘diversity’ police at every federal regulatory agency and there are many of them.

A Bloomberg National Poll found 79 percent have little or no confidence the bill will prevent or soften a future financial crisis. A 47 percent plurality say it will help the financial sector more than consumers.

With the single stroke of a pen, President Barack Obama signed the Dodd-Frank financial regulation bill that set in motion 243 new formal rule-makings by 11 different federal agencies. Each of the 243 rule-makings will employ hundreds of banking lobbyists as they try to shape what the final actual laws will look like. And when the rules are finally written, thousands of lawyers will bill millions of hours as the richest incumbent financial firms that caused the last crisis figure out how to game the new system.

Since the author of the bill, Chris Dodd, said it will touch every aspect of our lives and we won’t know how it works until we pass it, Boehner is right. It should be repealed.