Barney Frank’s “permanent bailout fund” made it over it’s first hurdle on it’s way to becoming law.
The Obama administration won a victory for its vision of financial reform on Friday, heading off a rebellion by conservative Democrats in the House of Representatives to pass a landmark regulation bill.
The legislation included a new Consumer Financial Protection Agency, an innovation fiercely opposed by banks and some Democrats. In the final vote, 27 Democrats – and every Republican present – voted against the bill, which also gives the government the power to seize and wind down a failing financial institution, push more derivatives through clearing houses and give investors a non-binding vote on directors’ pay.
In one victory for the banks an amendment that would have allowed a bankruptcy judge more power to reduce mortgages of financially struggling borrowers was defeated.
But the battle centred on the CFPA – one of the most prized parts of President Barack Obama’s regulatory overhaul – and the wrangling between Democrats highlighted differences that could return as the Senate considers its equivalent bill over the next few weeks.
“One of the responsibilities of the consumer agency will be to issue rules to prevent the kind of abusive mortgages that had such a contributing role in our crisis,” said Barney Frank, the Democratic chairman of the House financial services committee, who managed the bill. ….
Words can barely express the sick, twisted irony in all of this. Barney Frank had the power to craft this bill, and then had the nerve to blame the mortgage meltdown on banks. Even if the banks did pull the trigger, it is Barney Frank and his ilk that put the gun in their hands.
Barney Frank needs to be removed. It’s unfortunate that he promotes the arms of fascism and his constituents either don’t know or care. Barney is a vile individual, and the person that testified on video that Fannie and Freddie didn’t have any problems a couple of years ago. Oh I guess that he was dating one of the principals didn’t matter. In any other venue other than politics, this would be criminal.
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It’s so disgusting. And he continues on with impugnity because the corrupt media allows it to happen. They decide what people should know and what should be swept under the carpet. Like the Baucus affair. And if they do feel the need to report it, they’ll either leave his party affiliation out completely, or mention it in the 14th paragraph. But they think it’s necessary to report on every twist and turn of Tiger Woods and his transgressions. Helllloooo! Tiger Woods is not an elected official. And the psychopathic pedophile Kevin Jennings – nothing but silence. But they’ll be sure to report if Sarah Palin says something mundane. It’s maddening!
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This will be one of the greatest remaking of our country if this passes the Senate. We must put pressure on the Senate NOT to pass this. This would be devastating to all businesses….
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It’s by design. And I’m afraid most American’s are unaware. Ignorance is bliss, until it isn’t.
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