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QUOTE by tomder55;
Dodd-Frank, allegedly a consumer protection law, empowers unelected bureaucrats to institutionalize bailouts and prop up financial institutions they determine are “too big to fail”
A right wing characterization that is both inacurate and eroneous. Contrary to the true facts both in legislation and implementation.
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It represents an unprecedented power grab which tramples on the notions of separation of powers and due process and yes, is injecting instability in the market which will only lead to future economic problems .
Again you have talking points from the right with no facts and seems like you fail to recognize it would take years if not decades to unwind a to big to fail bank, and would rather have things the way they are, and does exactly what you say it doesn't put in place a PROCESS to insulate the rest of us from the greedy criminals who would wreck the economy and get PAID for it!
Doing nothing would be worse I think. MUCH worse.
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Under this law ,the Director of the Consumer Protection Bureau ,and the Sec Treasury are granted unprecedented and unlimitted power to create rules that will dictate credit allocation.This will directly impact who gets a business loan .The CPB boss can exercise that power without any oversight by Congress ,the President OR the COURTS as the law is written.
Read he fine print, it's the job of CONGRESS to okay the rules which the republicans and their corporate masters are fighting tooth, and nail. More DUE PROCESS that your side ignores.
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The Financial Stability Oversight Council was created in the Dodd-Frank law .Chaired by the Sec Treasury;it is the sole determiner in deciding which businesses are 'too big to fail ' . Yes they will face even more burdersome regulations that may make failure inevidible ;but they will also ,by the determination of that Council ,jump to the top of the list of future taxpayer bailouts (and there will be ;the die has already been cast) . This will give these favored businesses unfair advantage over their competitors .
The determining factor for some regulations will be assets over 50 billion. In case of failure the creditors will be paid, the banks won't be. Read the provided links and cross check. It eliminates a lot of uncertainty for the rest of us and banks too!
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Yes ,Dodd -Frank institutionalizes taxpayer bailouts . It gives the Sec Treasury the power to put a financial institution into an FDIC receivership if he determines the company is in danger of default. and if he feels that the default would hurt the economy. To fund this the FDIC is given authority to tax these companies without Congressional approval .This violates the Separation of powers by restricting judicial review to if the Sec Treasury's determinations are arbitrary and not if he followed the law... AND the court MUST make a determination within 24 hours ,or the Sec.decision stands .
You have to show me that one, because it was congress that approved the powers of the regulatory agencys to take proper actions. You can always go to court when you don'tlike something,that's the American way.
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Dodd -Frank is an unconstitutional law that must be over turned in court and/or repealed in the next session of Congress. Already 10s of thousands of new code is being written into law to comply with the law. Nobody doing business this year either knows what tax structure they will operate in next year ;2 months away... or what the law they operate under will be
I guess you have a better way of breaking up the banks and stopping their greed from screwing the global economy?
Or do you support letting them do as they please, and screwing the global economy up?? Okay can't blame them for waiting for the new laws and the old ones to be repealed.
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Originally Posted by
speechlesstx
When Huffpo says it's a problem that should open your eyes, but remain in denial.
I think Huffpo wants a stricter law not a softer one.
