In light of the Obama administrations recent push for regulatory reforms to monitor the entire economy for risk and seize firms in cases where they pose a risk to the entire economy its necessary to examine the record of the past performance of the cabinet members.
Treasury Secretary Timothy F. Geithner has asked the congress to pass measures that would in summary,
* Give the Federal Reserve or another agency broad authority to oversee the entire economy for signs of "systemic risk."
* Establish a government mechanism to seize and dismantle large institutions whose failure threatens the nation's financial stability.
* Pass tougher requirements for the amount of money and assets that financial institutions need to have on hand so they can withstand economic troubles.
* Require hedge funds, private equity firms and other private investment funds to register with the Securities and Exchange Commission.
* Set up a new, comprehensive framework of regulation of the complex financial instruments known as derivatives, including a central clearinghouse for trades in that market.
"Our system is wrapped today in extraordinary complexity, but beneath all that, financial systems serve an essential and basic function," Geithner told the House Financial Services Committee. "Financial institutions and markets transform the earnings and savings of American workers into the loans that finance a home, a new car or a college education."
Geithner and other administration officials contend that greater regulation is needed to prevent the kinds of financial emergencies that have strained the nation's treasury, including the $182.5-billion bailout of insurer American International Group Inc.
"To address this will require comprehensive reform -- not modest repairs at the margin, but new rules of the game," Geithner told the committee. "And the new rules must be simpler and more effectively enforced."
The measures also would give the government greater oversight of financial firms that now operate largely outside of federal scrutiny. The entire tirade of regulatory reforms recommendations by the U.S. Government Accountability Office can be found below. Please take a few moments to read the March'09 reports that can be found online at U.S. Government Accountability Office: Problems in Financial Market... and attached to this article
Now let us examine the past record of regulations and how they were shot down by the congressional oversight committees and make your own conclusions as to new regulations proposed by Obama administrations and if it can save the economy.
regulatory-reform.pdfrisk-management-finance-institutions.pdf
In the words of puppetgov.com's editor the video does have a pro Republican slant. We are aware of the false Right/Left paradigm and that the Democrats & Republicans are just a two headed monster from the same body created to give us the illusion of choice. This video exposes more of the lies.
What Giethner is not going to tell you is how his former partners in crime are part of the cause for the Financial Crisis.
DW Description: Chris Langan is known to have the highest IQ in the world, somewhere between 195 and 210. To give you an idea of what this means, the average...
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network