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When Congress passed the Dodd-Frank financial reform bill in 2010 they made quite a few dubious claims about what was in it, a couple of the most offensive being that the bill would end too big to fail and that it would bring transparency to the Federal Reserve. We’re still waiting for real action on ending too big to fail, but on real Fed transparency legislation there is some action. Tomorrow, the House Oversight Committee will vote on the Federal Reserve Act. The bill would eliminate the special audit protections that the Fed conducts its monetary policy under and mandate that the Comptroller General conducts a complete Fed audit within one year’s time.

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House Approves Wall Street Reform Bill

December 11, 2009 - by Donny Shaw

More than one year after the crisis on Wall Street, the House of Representatives today passed a landmark bill (H.R. 4173) to fix some of the regulatory lapses that are alleged to have caused the crisis and puts in place new mechanisms for preventing "too big to fail" banking and the resulting bailouts.

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One year after the biggest economic collapse since the Great Depression, Congress is still debating new financial regulations to protect consumers and prevent risk-taking in the financial sector. The House Committee on Financial Services is currently undertaking the important first step of writing, amending and voting on some of the pieces of the long-proposed financial regulatory reform.

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Finance Regulatory Bill to Move in Fall

September 1, 2009 - by Paul Blumenthal

The television and Internet are plastered with health care coverage, but there are other issues bound to move through Congress this fall. One issue that appears to be moving soon is a package of new financial regulations, which include the Consumer Financial Protection Agency Act of 2009 (H.R. 3126). House Financial Services Committee Chair Barney Frank has tentatively scheduled a vote in committee for the CFPA Act on September 23.

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