US Action News

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 It should be repealed.

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.

Massachusetts Republican Sen. Scott Brown said Monday he will support the financial regulation bill currently under consideration in the Senate, greatly increasing the chance that Democrats will be able to pass the legislation into law.