I'm reading this article and I'm thinking to myself. What the fuck? What's the point of all sh#t? Voting for Obama when they feed you the good lines and side with crooks in the final analysis. What's even more perplexing is that you have people like Barney Frank on the same page.
Am I missing something? Why would Barney frank and Obama side on letting this new regulating agency be under the control of the Treasury, yeah maybe for the short term it would be under the watchful eye of your 'fox', a Dem guarding the henhouse but that would not be forever, and hey I don't even trust the fox, the Dems have ie Obama/Geithner.
Rep Ellison tried introducing an amendment making the new agency fully independent from Congress and the White House but Barney Frank is said to have blocked his attempt. Hopefully Rep Ellison reintroduces it to the full House on a floor vote or the Senate's version gives the agency full independence... haha fat chance. What the point ... I think we all know. It's just for show.
I'll ask again. Am I missing something...?
Systemic Risk Panel Would Lack Independence; Treasury Secretary Would Call The Shots
http://www.huffingtonpost.com/...
If the White House and congressional leaders get their way, the vaunted new oversight council charged with overseeing systemic risk in the financial markets will actually be a house organ of the Treasury Department, lacking the independence required to challenge decisions by government regulators, among others.
Rep. Keith Ellison (D-Minn.) last week tried to fix that, by offering an amendment in the House Financial Services Committee that would give the council an independent staff and independent source of funding. But he was forced to withdraw the amendment after it became clear that he wouldn't get Chairman Barney Frank's approval, said a source familiar with the committee's deliberations.
The committee was crafting a bill that would create a Financial Services Oversight Council, a collection of federal regulators who would oversee the kinds of risks that escaped government attention prior to the financial crisis. Such risks included interconnected Wall Street firms that borrowed $30 for every $1 they kept in reserves, and the insurance that AIG provided to firms for their derivatives contracts without actually keeping any money in case it had to pay up.
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