The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.
The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.
While a victory for the administration, the legislation dilutes some of President Barack Obama's recommendations, carving out exceptions to some of its toughest provision. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.
Answer by sweet-a-kins at 4:57 PM on Dec. 11, 2009
Answer by Anouck at 5:00 PM on Dec. 11, 2009
I don't like government having anything to do with business. I think they should keep their hands off of it, and likewise. I think that if big business is failing that they should be allowed to fail and not get corporate welfare from the feds. That was another thing I thought Obama was going to change, wasn't it? Yet there he was handing out the bucks to corporations that were too big to fail. I think we should let capitalism reign.
Answer by Anonymous at 6:00 PM on Dec. 11, 2009
Answer by grlygrlz2 at 6:04 PM on Dec. 11, 2009
The legislation "will send a message that we're trying to respond to what got us into this economic meltdown and trying to set up mechanisms to prevent future economic meltdowns," Representative Mel Watt, a North Carolina Democrat, said today in an interview.
Yea, when is someone going to respond to what got us into this housing meltdown ??? Accchem~B A R N E Y F R A N K... Slime ball.
Answer by grlygrlz2 at 6:08 PM on Dec. 11, 2009
Answer by grlygrlz2 at 6:23 PM on Dec. 11, 2009
Answer by Anouck at 6:24 PM on Dec. 11, 2009
Answer by Anouck at 6:25 PM on Dec. 11, 2009
Answer by grlygrlz2 at 6:28 PM on Dec. 11, 2009
I think it's highly ironic that one the one hand, the Obama haters want him to fix everything and he's apparently not doing it fast enough, but then if he DOES manage to get something done, all of a sudden he's the big bad wolf interfering with our lives. Which is it, hmmm? Can't have it both ways, ya know....
Where have we said we wanted him to fix everything??? Show me where I said in the beg. He needed to fix everything? He MADE those promises. We wanted him to (WITHOUT STIMULUS) to offer tax incentives for small business. We wanted a payroll tax holiday. We wanted corporate tax breaks... You know~ THINGS that get businesses GOING again.. We wanted (WITHOUT COSTING TAX PAYER MONEY) him to make small methodical steps to health care reform. NOT THIS huge EXPENSIVE overhaul that reports are now saying will RAISE premiums.... Unless you are one of those dependnent on Nanny Government??
Answer by grlygrlz2 at 6:32 PM on Dec. 11, 2009