Financial Reform... ?
Make a note, we're going to regret this later. I'm all for financial reform but I'm a tad skeptical of reforms created by the same idiots who set us up for disaster in the first place.
House lawmakers on Friday approved the most significant increase in the regulation of U.S. banks and other corporations since the Great Depression, placing new restrictions on the nation's biggest banks, reining in the Federal Reserve and providing more help for troubled homeowners.
The mammoth legislative package -- which passed 223-202 with every Republican and 27 Democrats voting against the bill -- includes new fees, leverage limits and other restrictions on 'too-big-to-fail' financial institutions, a requirement to audit the Fed's balance sheet within two years, more say for shareholders on the pay of top executives and new investor protection safeguards.
The bill gave small public banks and corporations many exemptions from a substantial share of the new regulations.
The White House applauded the House action, saying that policies in Washington had played a large part in creating the financial crisis.
"The crisis from which we are still recovering was born not only of failure on Wall Street, but also in Washington," said President Barack Obama. "We have a responsibility to learn from it, and to put in place reforms that will promote sound investment, encourage real competition and innovation, and prevent such a crisis from ever happening again."
Hey OMGObama, actually so long as the Federal Reserve Act of 1913 is still on the books you can pretty much guarantee we'll be going for another ride on this particular pony, no matter how many shiny little "reform" bills those Congressional asshats squeeze out.