US Action News

Even Dodd the bill’s author has said we won’t know how it works until it is passed even though ‘it will touch every aspect of our lives’. This is supposed to be a representative government and yet these ‘representatives’ continually refuse to consider the will of the people.

By Sen. Tom Coburn – The plan is more likely to help the financial industry than individual consumers, a fact that was confirmed by Goldman Sachs CEO Lloyd Blankfein during congressional hearings on the financial crisis. I asked Blankfein point blank if he supported the financial reform bill. He said, “on the whole, financial reform is, absolutely is essential … the biggest beneficiaries of reform will be Wall Street itself.”

The financial-reform bill that hits the president’s desk this week is a 2,500-page failure that will only create more problems for federal regulators, argues former SEC Chairman Harvey L. Pitt. Who actually knows what’s in the bill? Passing legislation without understanding its contents is akin to allowing inmates to run the asylum.

Senators who appear poised today to pass the lumbering, intrusive new financial-institution regulation bill should ask themselves, and be asked by their constituents, if they really want to be on record supporting discrimination imposed by rampaging bureaucrats. Four members of the U.S. Commission on Civil Rights, along with numerous outside observers, have complained that Section 342 of the new Dodd-Frank bill would have just that effect. The provision makes an already bad bill into a repugnant one. It should not be enacted into law. 202-224-3121

The financial reform bill expected to clear Congress this week is chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.

With Dodd-Frank, the Democrats have set out to reorder America’s entire economic system and sever ties with the free-market principles that have guided our nation to unprecedented prosperity.

Diversity ‘czars’ would be responsible for making sure that each of the major federal financial regulators is hiring enough minorities and women, and contracting with enough minority-owned and women-owned businesses. However, each individual diversity czar is responsible for defining exactly how many minorities, women, and minority- and women-owned businesses are satisfactory.

Dodd-Frank, the financial regulatory bill approved by House gives feds power to subpoena any record from any financial institution without establishing any probable cause.

It’s a bad bill. There is no reason to rush this process, other than that the Democrats want to pass this legislation while they have favorable numbers, leaving themselves plenty of time to pass other bad pieces of legislation before the public has its say in November.

A defeat of this bill would help avoid a double dip recession. The bill is dishonest because it does not deal with Fannie or Freddie, the main engines of our collapse. Call your senator 202-224-3121