http://www.businessweek.com/news/2010-06-25/securities-law-overhaul-in-u-s-is-approved-by-panel.htmlI've not had a chance to digest it all. One thing I do not like in it is additional fees to lenders which creates yet one more "watchdog" agency. Why don't we gut the ineffective one which was supposedly the watchdog before and start over?
And according to a former FDIC chairman: “It doesn’t reform anything, not anything that needs to be reformed,” said William Isaac, the former chairman of the Federal Deposit Insurance Corp. and now chairman of Fifth Third Bancorp, in a June 23 interview. “We haven’t done anything to repair this 100-year-old regulatory structure.”
I've also got a problem with this being called the "Dodd-Frank Bill". Two of the most morally bankrupt politicians in D.C. On the first skim read, it's obvious every lawmaker is getting little exceptions written into the legislation to help out their most
coveted donors contituents. No less than Sen. Scott Brown got some parts watered down for fear of what it could do with State Street Corp.
"The change, offered by Dodd, alters language in a bill the Senate approved in May, which would have barred banks from sponsoring or investing in private-equity and hedge funds. Lawmakers offered the modification to appease Senator Scott Brown, a Massachusetts Republican who was concerned the ban would harm Boston-based State Street Corp. He was one of four Republicans to break party ranks and vote for the Senate bill."
I'm sure there's some useful regulation in here, but most of it smells like the same corrupt crap we've been getting out of Washington for years. I think the goal is to rush this through by November, the incumbents who helped out their friends in the banking and finance industry all get plumb jobs after the voters revolt.
If someone doesn't mind, please read over the sections on the credit swaps and derivatives, those still confuse me and I can't tell specifically that they are doing anything to reign them in.
