The House passed the most “ambitious restructuring” of federal financial regulations since the New Deal on Friday, this is certainly a direct hit at free world capitalism.
The sprawling legislation would give the power hungry government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
Of Course the language is vague, our government can pick and choose to take over and break-up any company it so well chooses under this socialist power grab.
The vote was a party-line 223-202. As expected No Republicans voted for the bill; 27 Democrats voted against it.
The socialist president Obama praised the House action Friday, and called on Congress to act swiftly to get the bill to the White House for his signature.
This legislation would give broad powers for D.C. to govern the simplest payday loans and the most complicated high-finance trades. In its breadth, the measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates. They have power over everything regarding finance if this passes the Senate as well.
Republicans cast the regulatory bill as a burden to business and is un-capitalistic. They offered an alternative that called for special bankruptcy proceedings to dismantle failing financial institutions. That alternative was denied by Democrats.
“This house has been on a spending spree, a bailout spree and a regulatory spree that I could never have imagined in any of my prior 18 years here in Congress,” Republican Leader John Boehner of Ohio said.
The socialist Obama administration first proposed this package to the house, it was the Whitehouse’s idea.
The bill would create another burdensome oversight agency council made up of the Treasury secretary, Federal Reserve chairman and heads of regulatory agencies to monitor the financial markets for what they feel would be potential threats to nation’s system.
It would give them powers to identify firms and activities that should be subject to heightened standards, including requirements that they place more money in reserve. The government could dismantle even healthy firms if they were considered by them alone to be a grave risk to the economy, they can pretty much do whatever they please under this proposal.
The most shocking yet is this legislation also allows politicians to control Wall Street compensation. Federal banking regulators would have to approve compensation practices, though not actual pay, at banks and bank holding companies.