US Action News

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.

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.

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 It should be repealed.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