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Financial Reform Bill Moving Ahead in the House

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Thu Nov 05, 2009 at 07:52:12 AM PST

The House is considering a 253 page bill regulating both financial services corporations and future government bail outs (It's nice to know they're thinking ahead). This is the kind of thing that unites a wounded, divided nation:

The 253-page bill is one of the most controversial provisions of the Obama administration's overhaul of financial regulations because it directly addresses the future of government bailouts. The legislation drafted by the Treasury Department and Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, would give federal officials power to regulate, seize and dismantle large financial firms whose failure would pose a risk to the economy.

It unites us in the sense that I haven't met a 'real person' yet who feels any sympathy whatsoever for financial giants that destroyed what was left of the economy or the overpaid sociopaths running them. In this legislation as it currently exists, the government would fire top management during an intervening action (Doesn't say what kind of loopholes might exist to prevent them from being hired back or paid as contracting consultants). The article also reports that both the GOP and "some democrats" agree: it 'gives the government too much' power. Healing and unity all around!

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