03.25.2010
“One day after Congress approved the Health Care bill, the Senate Banking Committee approved massive regulation bill for the financial world” (”Creating a permanent Tarp” by James Gattuso in the Washington Times 3/25/2010)
The bill is sponsored by Senator Dodd, will:
-create new Consumer Financial Protection Bureau located within the Federal Reserve Board bureaucracy
-establishes Financial Stability Oversight Council
-Treasury and other regulators would have the power to seize and liquidate financial firms they think are in trouble.
-creates $50 billion fund to finance these liquidations.
Bigger government and prefunded bailouts will not fix the system. Yet this 1300 page bill cleared Senate committee in 22 minutes.
