U.S. Congress - S.3217 Restoring American Financial Stability Act of 2010
S.3217 - Restoring American Financial Stability Act of 2010
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail," to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. view all titles (26)
All Bill Titles
- Official: To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail," to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. as introduced.
- Popular: Restoring American Financial Stability Act of 2010 as introduced.
- Official: A original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. as introduced.
- Short: Private Fund Investment Advisers Registration Act of 2010 as introduced.
- Short: Restoring American Financial Stability Act of 2010 as reported to senate.
- Short: Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010 as reported to senate.
- Short: Restoring American Financial Stability Act of 2010 as introduced.
- Short: Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010 as introduced.
- Short: Consumer Financial Protection Act of 2010 as introduced.
- Short: Enhancing Financial Institution Safety and Soundness Act of 2010 as introduced.
- Short: Financial Stability Act of 2010 as introduced.
- Short: Improving Access to Mainstream Financial Institutions Act of 2010 as introduced.
- Short: Nonadmitted and Reinsurance Reform Act of 2010 as introduced.
- Short: Office of National Insurance Act of 2010 as introduced.
- Short: Over-the-Counter Derivatives Markets Act of 2010 as introduced.
- Short: Payment, Clearing, and Settlement Supervision Act of 2010 as introduced.
- Short: Consumer Financial Protection Act of 2010 as reported to senate.
- Short: Enhancing Financial Institution Safety and Soundness Act of 2010 as reported to senate.
- Short: Financial Stability Act of 2010 as reported to senate.
- Short: Improving Access to Mainstream Financial Institutions Act of 2010 as reported to senate.
- Short: Nonadmitted and Reinsurance Reform Act of 2010 as reported to senate.
- Short: Office of National Insurance Act of 2010 as reported to senate.
- Short: Over-the-Counter Derivatives Markets Act of 2010 as reported to senate.
- Short: Payment, Clearing, and Settlement Supervision Act of 2010 as reported to senate.
- Short: Private Fund Investment Advisers Registration Act of 2010 as reported to senate.
- Official: An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. as introduced.
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Displaying 1-30 of 66 total comments.
What is this transparency everyone is talking about?
I am learning, as time goes by, that the “Transparency” that they are referring to is actually “We (congress) are going to lay it all out on the table in plane view, do what we want, and damn what the people want”
we need the transparency in the FEDERAL reserve, they have been printing money like crazy these past few years and nobody knows where is it all going. What congress is trying to do is to let us know where our tax money is pocketed.
This has been a long time coming and very important. I urge both of our Senators from Massachusetts to get out in front and support this much needed reform.
This bill is a needed reform for consumers. Feel free to check out our analysis at www.defendyourdollars.org or http://www.defendyourdollars.org/2010/04/cus_summary_of_the_consumer_fi.html
Speak up for a strong independent Consumer Watchdog.
Independent consumer watchdog = good.
Ran by the government (controlled by special interests) = bad.
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Is this a bad bill overall? I don’t know, but sections 412 and 926 will dramatically reduce angel investing in an already very difficult funding environment. For a good analysis see Startups Get Hit By Shrapnel In The Banking Bill by Fred Wilson at http://www.avc.com/a_vc/2010/03/startups-get-hit-by-shrapnel-in-the-banking-bill.html
Here’s the bill in a nutshell: The Federal Government will regulate everything.
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Hm, what makes you say that. My understanding is there is a fund, funded by the banks themselves to bailout the large banks.
so it doesn’t impact taxes and it just means they have to bal themselves out not the government. correct me if I am wrong, please.
I stand corrected Opencongress.org has taken the time to answer me. http://www.opencongress.org/articles/view/1839—50-Billion-Liquidation-Fund-is-for-Killing-Sick-Mega-Banks?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+OpenCongressCongressGossipBlog+%28Open+Congress+Blog%29
Thanks open congress, helpful as always,
~Dusrus
So, this bill ends taxpayer bailouts of “too big to fail” companies by letting the government force companies to dissolve before they dissolve on their own? How is this a good idea?
This bill doesn’t end bailouts- it makes them official policy. A better summary would state that the bill ends the need for future bailout bills by letting the President and his appointees start buying out and bailing out without worrying about silly things like congressional approval.
This bill is H.R. 4173 2nd edition. Dodd is insane if he thinks the Consumer Protection Agency in the original resolution was the only real problem with it. http://tbschemer.wordpress.com/2009/12/14/government-buyouts-and-bailouts-to-become-permanent-policy/
I love the fact that the Obama Administration and Senator Dodd both claim that this bill ends financial bail-outs. But yet this bill creates a fund that is funded by liquidated business to bail out “too big to fail” businesses.
Here’s an idea… If a company’s management mis manages a company, LET them fail. It’s their fault, their mistakes it’s time to hold them accountable.
It is not our government’s place to step in and “bail out” a company that practices poor business management and accounting practices.
Amen, not to mention that the fact that Dodd and Franks are the two heads of finance commitiees (in the Senate and House respectively) that should have been able to prevent this mess in the first place. Now they are actually compounding the problem.
Giving the government the power to break up a company that has become to large is a power that they should not have and it is a direct contradiction to the idea of a “Free Market” and Capitolism.
The idea of prosecuting fraudlent acts should be prosecuted as no one.. NO ONE is above the law.
Something many people are missing here is that this “Fund” is being funded by the company’s themselves… But where do they get that money from? That’s right! The consumer! What ever extra taxes that the government will inevitably impose on banks and business to contribute to this fund will ultimately be passed onto the CONSUMER otherwise know as the American Tax Payer!
So, remove the fund, and remove the ability for the government to step in and break up a business and then we’ve got ourselves a bill I would favor.
I would like to add, I don’t care how much mony any of you have invested in any market any damm where. That ain’t my problem. Like the man said “let them fail”!!!
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Here’s how we end financial bail outs: Congress, let them fail. Don’t overstep the boundaries of the Constitution. It wasn’t your responsibility in the first place.
Here’s how we deal with regulations: When a company commits a fraudulent act, prosecute them. Fraud is already illegal.
The idea that Congress can just pass a bill to end bailouts is a pipe dream. If H. Paulson, a free market fundamentalist like yourself, thought that he was about to watch the entire financial system sink into the abyss and take the whole economy with it, and he couldn’t say, “Let them fail and let the chips fall where they may” no one else is going to do it either. Not after we let the banks fail during the Great Depression and we know what that led to.
TARP required an act of congress. Any bill passed to outlaw bailing out banks can and will be repealed and replaced by later congresses faced with an apparent meltdown of the financial system.
Also, now that Goldman Sachs is in question…will the President give his $1,000,000 campaign donation back?
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Learn more about the issues in financial reform at Riski, the open source platform for financial market reform:
Break up banks — http://freerisk.org/wiki/index.php/Break_up_banks
Resolution authority — http://freerisk.org/wiki/index.php/Resolution_authority
Derivatives — http://freerisk.org/wiki/index.php/Derivatives
Credit rating agencies — http://freerisk.org/wiki/index.php/Credit_rating_agencies
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I want this. I’ve worked hard all my whole life building a portfolio I can retire on. I don’t want to lose my life savings because a handful of greedy f#₵k$ can crash the system and parachute out. That’s a risk I don’t want to take. I’m not rich enough to have money sheltered overseas. Without some protection, we are at the point where the only safe investments seem to be in mattresses or a hole in the backyard. I suppose we could just liquidate everything and put it in FDIC insured accounts. Where will capitalism go when people don’t trust the system enough to capitalize it? These corporations are free to use our investments to drown out our freedom of speech with their “freedom of speech” in elections. If congress doesn’t act now, we may never get another chance at protection from the greed of these people.
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“We haven’t had anything close to unrestrained capitalism since the 19th century.”
Thankfully.
Ah yes, of course that would be utterly horrible. We’d have individuals privately contracting with one another for mutual benefit without the involvement of government! What a wreck unrestrained economic liberty would do to social justice alone! My my, I’m all at sea; I’d better have a lie down.
You’ve missed my point. Explain to me how you justify implicitly blaming unbridled capitalism for the current financial crisis and the potential loss of your life savings when the government has been heavily screwing around with the financial markets for over a century.