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Banking Regulations

Banking regulations

WASHINGTON (AP) - House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Obama by July 4.

Lawmakers finished assembling the bill early this morning out of versions passed earlier by the House and Senate. The bill represents the most ambitious rewrite of Wall Street rules since the Great Depression. Ref. USAToday

Regulations Banking

I do not know what to think about these changes. I am sure this is a knee jerk reaction to what the law makers perceived as a problem and their way of fixing things. I am thinking that this is going to make getting a credit card and even a mortgage harder to get. I have a feeling that this may cause a division in society of those who have and can get and those who do not and can not.

Banking Regulations History & Civil Business Politics

Passed

WASHINGTON (AP) - The House of Representatives has passed a sweeping rewrite of financial regulations, setting the stage for a final vote in the Senate where votes for the far-reaching bill remained in flux. The legislation creates a new federal agency to police consumer lending, sets up a warning system for financial risks, forces failing firms to liquidate and lays out new rules for instruments that have been largely uncontrolled. Ref. USAToday

Regulations Banking

Despite House Passage, Feingold Maintains Opposition to Financial Reform Bill as "Too Weak" in Face of Wall St. Recklessness

Democrats may still be one vote short of approving an overhaul of financial regulation with Senator Russ Feingold vowing to vote against the measure again. The House approved the measure this week following over three weeks of conference committee negotiations. We speak to former investment banker turned journalist Nomi Prins, author of several books including "It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street." Ref. Source 2

Regulations Banking

Going To Pass

Financial Reform Clears Critical Senate Test, Virtually Assuring Passage Later Today [11:48 a.m. ET] Ref. ABC News

Banking Regulations

If I saw the news correctly I think the president has signed this into law? If so I think we are seeing the next chapter of this country turning into a socialistic society.