Posts about Barney Frank as of October 30, 2009

Today, the House Financial Services Committee began discussing how to create a resolution authority for dismantling large, complex financial institutions. Emerging as the most contentious aspect of the legislation — which was unveiled by Rep. Barney Frank (D-MA) this week — is how the money for dismantling these firms should be raised. Frank and the administration have designed a plan under which the government loans money to a failing company to help it unwind, and then recovers that money by hitting up shareholders and then assessing a fee on other large banks.

Author: PoliticsNewsPolitics Keywords: barney frank cell phone rings during interview news politics comedy humor funny senator mass massachusetts finance committee chairman house congress Added: October 29, 2009

Do you think we should establish a government-backed insurance fund for big banks’ risky trading activities? Probably not. But that’s precisely what the administration and Congress agree should be done. Today Sheila Bair proposed her own variation on the theme. At first glance her idea sounds better, but it’s just as bad as the others. From Alison Vekshin at Bloomberg : Federal Deposit Insurance Corp. Chairman Sheila Bair, breaking with the Obama administration, said U.S.

Do you think we should establish a government-backed insurance fund for big banks’ risky trading activities? Probably not. But that’s precisely what the administration and Congress agree should be done. Today Sheila Bair proposed her own variation on the theme. At first glance her idea sounds better, but it’s just as bad as the others. From Alison Vekshin at Bloomberg : Federal Deposit Insurance Corp. Chairman Sheila Bair, breaking with the Obama administration, said U.S.

the warning signs are there now if only they’ll pay attention… What happened, Timmy? I thought you and the Fed were cuddly and cozy, is this move because they wouldn’t show you their diabolical schemes ? Terrible. WaPo : Geithner said a bill by the Financial Services Committee’s chairman, Representative Barney Frank, meets the tests for key elements of a resolution authority that the Obama administration would like to see passed.

Treasury Secretary Timothy F. Geithner on Thursday scrambled to fight off attacks from all sides on a new Obama administration plan for tackling financial risk in the economy unveiled just two days ago, Reuters reported.After weeks of negotiations, the administration and Rep. Barney Frank, Democrat of Massachusetts, released a sweeping proposal on Tuesday to give regulators new powers to regulate, and even shut down, big financial firms threatening economic stability.The financial services industry,

Examiner.com The whole world must be carbon free by 2050 – Is industrial hemp part of the … Examiner.com An industrial hemp bill has been introduced by Barney Frank and Ron Paul. Indications are that there is not enough public interest in industrial hemp to …

Treasury Secretary Tim Geithner, who’s testifying this morning before the House Financial Services Committee on legislation empowering the White House to take over Wall Street firms when their failure threatens the finance system on the whole, just made a curious claim. Asked by Rep. Maxine Waters (D-Calif.) whether the legislation grants the White House the power to spend taxpayer dollars, Geithner had a terse, one-word response: “No.” The Treasury Secretary went on to say that the what’s

Office of the Press Secretary For Immediate Release October 28, 2009 Remarks by the President at Reception Commemorating the Enactment of the Matthew Shepard and James Byrd, Jr. Hate Crimes Prevention Act East Room 5:45 P.M. EDT THE PRESIDENT:  Thank you so much, everybody.  Thank you so much, and welcome to the White House.  There are several people here that I want to just make mention of because they helped to make today possible.  We’ve got Attorney General Eric Holder. 

Good morning. Despite all the bailouts, banks still aren’t lending. Plus, remembering when the Fed was boring, and the need for airline pilots to stop being bored: Congress and TBTF (Big Picture) Good point: The House draft bill written by Rep. Barney Frank (D – MA) – along with several former Fed attorneys and Treasury staff and consultants — ignores fundamental reality: You don’t employ a bomb squad to sit around and wait for a bomb to explode, you engage them to dismantle it as soon as they find one.

From a gleeful Associated Press : Obama seeks new powers to dismantle nonbank firms By Anne Flaherty, Associated Press Writer Thu Oct 29 WASHINGTON – A year after Lehman Brothers collapsed, helping to trigger the worst financial crisis in seven decades, the Obama administration is pressing Congress for the power to dismantle other nonbank firms considered so large and influential that they could bring down the entire economy.

By Martin Hutchinson Contributing Editor Money Morning Former U.S. Federal Reserve Chairman Paul Volcker and Bank of England (BOE) Governor Mervyn King think that banks that are considered “too big to fail” should be broken up. The House Financial Services Committee is drafting a bill that will make banks pay for other banks’ bankruptcies. Others have suggested reviving the Glass-Steagall Act – the 1933 legislation that forced financial institutions to separate their commercial and investment banking businesses.

Dandelion SaladMoxNewsDotCom October 28, 2009 more about “Nader vs O’Reilly: If We Pull Out Of …“, posted with vodpodseePhilip Alston: Record AfPak Drone Attacks Under Obama May Violate International Law ABC Of West’s Global Military Network: Afghanistan, Baltics, Caucasus by Rick Rozoff Afghanistan on Dandelion SaladRep. Barney Frank VS Ralph Nader on the Economy Rhetoric and Reality by Ralph Nader The Economy Sucks and or Collapse 2

pFDIC Chief Sheila Bair spoke at the Town Hall Los Angeles this morning, sharing her thoughts on financial markets and some of the policy issues she faces as one of the nation’s top banking authorities. Formerly a professor of regulatory affairs at the University of Massachusetts, Bair speaks in a rapid fire style.

Anti-Christian bigotry is rife throughout the United Kingdom, and Christians are targeted and persecuted for expressing their religious beliefs about homosexuality. The Racial and Religious Hatred Act passed in 2006 has given anti-Christian bigots the power to criminalize Christianity. In July, Pauline Howe wrote a complaint letter to her local council about the verbal abuse she [...]

As the day to implement the Unlawful Internet Gambling Enforcement Act (UIGEA) rules quickly approaches, Representative Barney Frank has shifted his attention back towards the highly controversial debate. Last month, Frank’s reps revealed that as a result of more urgent issues had moved to the forefront of Frank’s agenda, he needed to temporarily back off pushing his alternative legislation. Now, he is back on track in this cause.

One of the nastier bank practices that has arisen in recent years is banks automatically enrolling consumers in accounts with expensive overdraft protection, and then charging exorbitant overdraft fees without ever letting people know that their account is overdrawn. In theory, overdraft protection is meant to prevent a small check from bouncing — as the bank would cover the amount of the check and collect from the consumer later — but with the rise of debit cards, overdraft fees have become an easy way for banks to raise lots of cash from unwitting consumers.

From Bloomberg, “ Manufacturers Win Exemption in Frank Derivatives Plan ,” reporting on House Financial Services Chairman Barney Frank’s draft plan to regulate over-the-counter (OTC) derivates. The National Association of Manufacturers, U.S. Chamber of Commerce and the Business Roundtable, three of the biggest trade associations in Washington, lobbied Congress and the administration to exempt end-users from new rules and collateral requirements.

Apple Inc., Caterpillar Inc. and DukeEnergy Corp. are among companies that come out ahead in draftderivatives legislation offered by House Financial ServicesCommittee Chairman Barney Frank. Frank would exempt such “end-users, companies that hedgethe …

I have to say that it is with some relief that I read that the draft bill on compulsory central clearing for CDS being touted by Barney Frank in the US Congress, is to exempt many non-financial firms (ie those that are actually using them as they were designed – to hedge risk). Frank’s bill exempts swaps from new rules requiring centralized clearing that are meant to bring more visibility to the market if ‘one of the counterparties to the swap is not a swap dealer or major market participant.’

Lawmakers Urge Delay In Internet Gambling Rules – Post ChronicleU.S. House Financial Services Committee Chairman Barney Frank and other lawmakers on Friday urged regulators to delay the December 1 implementation of financial rules to enforce a ban on Internet gambling. Enforcing the rules in two months time would …Going all in to give back – North Platte TelegraphNote to gamblers: Donating to Mid Plains United Way is a sure bet.

[ NPR ] You can see why Christian conservatives might be in a funk. Democrats control the White House and both houses of Congress. They see a liberal drift in the country’s leadership and worry about social issues like same-sex marriage, abortion, stem cell research, health care and immigration. Now Liberty Counsel, a nonprofit legal, education and policy group associated with the late Jerry Falwell’s Liberty University, is pulling out the heavy artillery: prayer. “We believe in the power of God.

Liberty University has this new program to adopt a liberal …and then pray really hard for them. It’s a good idea, since if nothing else, it keeps the rapscallions off the street doing something entirely unproductive. Unfortunately, looking at their list of liberals, most of ‘em ain’t. Olympia Snowe? Arnold Schwarzenegger? Hilary Clinton? Barack Obama? They’re moderate to conservative. I’ll give them Barney Frank and Barry Lynn, but even there, they aren’t exactly bomb-throwing radicals out to overthrow the government and replace it with communism, free love, and LSD in the water supply.

There Are 12,000 Reasons to Approve Referendum 71. Here’s Just 1 Know what’s awesome when you lose your partner during a natural disaster? When you’re blocked from making funeral arrangements because you have no legal standing. That was Charlene Strong’s battle in 2006, when partner Kate Fleming died in the Seattle-area flood. CONTINUED » Permalink | 1 comment | Add to del.icio.us Tagged: charlene strong, kate fleming, referendum 71, [...] Wear a Condom When You Have Sex With Kevin, ‘Cause He’s Oe’s Only Done It Once THE SHOT — “The condom protects against AIDS.