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There would be rules designed to mitigate booms and busts
{ 08:43 AM, 2009-Dec-16 }
{ 1 comments }
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On Wall Street, there was relief the proposals were not more draconian, along with a realization the reduced appetite for risk that took hold after the crisis might be a long-term feature of their landscape. The process now heads to Capitol Hill. One tenet of the new plan has already made some lawmakers uncomfortable: a push to centralize more power in the Federal Reserve. Banks Replica Watches , which are expected to lobby hard as the bill moves through Congress,louis vuitton, have resisted the provision that would create a new consumer agency. The industry argues it could stifle innovation and make loans more expensive. ‘Millions of Americans who have worked hard and behaved responsibly have seen their life dreams eroded by the irresponsibility of others and by the failure of their government to provide adequate oversight,replica Rolex Daytona ,’ Mr. Obama said. ‘Our entire economy has been undermined by that failure.’ The administration’s vision would have consumers offered more ‘plain vanilla’ financial products. A new agency would regulate financial products for consumers,louis vuitton, such as mortgages. There would be rules designed to mitigate booms and busts, a goal often sought but rarely reached. The U.S. would gain powers to take over tottering financial giants and supervise firms that could pose a threat to financial stability, even those that don’t own banks. Treasury Secretary Timothy Geithner will get an early sense of the reception Thursday when he testifies before two congressional committees. Executive compensation and hedge funds would face more scrutiny. Bank regulation would be streamlined somewhat. Financial firms would be required to hold more capital. ‘Haste is dangerous, Rolex Watches especially when you are dealing with comprehensive change in our financial system,replica watches,’ said Republican Sen. Richard Shelby of Alabama,replica watches, a conservative on such matters. ‘This could be the most important piece of legislation that we’ve had in the banking committee in 50 years.’ { Post a Comment } { Last Page } { Page 1 of 13 } { Next Page } |
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