The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.
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What the bill CLAIMS to do…
- establish a consumer financial protection regulatory agency that could write new rules to protect consumers from unfair or abusive mortgages and credit cards.
- create a council of regulators that would sound an alarm before companies are in position to trigger a financial crisis.
- establish new procedures for shutting down giant financial firms that are collapsing.
What the bill DOESN’T do…
- break up banks that are too big to fail
- close the loopholes in derivatives market
- restore the safeguards established after the Great Depression (Glass-Steagall), to separated Main Street banks from big Wall Street firms
- remove the massive government guarantees to the giant banks
- increase liquidity requirements to prevent future meltdowns
- AUDIT THE FED!!!
Names of your betrayers (click here for full roll call)
- Sen. Richard Shelby, R-Ala. (yes he blasted the bill after the fact, but the reality is that he wrote parts of it and in the end voted on it.)
- Sen. Scott Brown, R-Mass
- Sen. Susan Collins, R-Maine
- Sen. Chuck Grassley, R-Iowa
- Sen. Olympia Snowe, R-Maine.
- Sen. Barbara Boxer, D-Calif.
- Sen. Blanche Lincoln, R-AK
Wall Street Reform Bill Is A Joke! (GREAT VIDEO!)
Ron Paul’s update on Audit the Fed Bill (H.R. 1207)