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Obama Plans Fast Action to Tighten Financial Rules

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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:08 PM
Original message
Obama Plans Fast Action to Tighten Financial Rules
Source: New York Times

WASHINGTON The Obama administration plans to move quickly to tighten the nations financial regulatory system.
Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.


-snip-
A theme of that report, that many major companies and financial instruments now mostly unsupervised must be swept back under a larger regulatory umbrella, has been embraced as a guiding principle by the administration, officials said.
Some of these actions will require legislation, while others should be achievable through regulations adopted by several federal agencies.
Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to the exotic and ultimately shaky financial instruments that have been a source of market turmoil. The core problem, they said, is that the agencies are paid by companies to help them structure financial instruments, which the agencies then grade.

-snip-
Aides said they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials. They are considering proposals to have the S.E.C. become more involved in supervising the underwriting standards of securities that are backed by mortgages.

The administration is also preparing to require that derivatives like credit default swaps, a type of insurance against loan defaults that were at the center of the financial meltdown last year, be traded through a central clearinghouse and possibly on one or more exchanges. That would make it significantly easier for regulators to supervise their use.




Read more: http://www.nytimes.com/2009/01/25/us/politics/25regulat...
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blm Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:15 PM
Response to Original message
1. I remember this as part of the 2004 Democratic platform. It was added specifically
by Kerry. The media deliberately ignored it. GOP had NOTHING addressing the issue at all in their platform.

This HAS to be done - Dems are the only ones who CAN do it, at this point.
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:17 PM
Response to Original message
2. Perfect. (nt)
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proudAZdem Donating Member (26 posts) Send PM | Profile | Ignore Sat Jan-24-09 06:52 PM
Response to Reply #2
5. So far...
I've supported Obama's moves for the finance sector. I just hope he is well-guided by the new Cabinet positions.

I think the sweeping moves that have taken place in the first few days are excellent needed changes. Even though the pomp and circumstance has cooled down, I think it's about time we have some one inteeligent getting to work in the White House (http://www.tv1.com/playlists/178 )
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polichick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:23 PM
Response to Original message
3. Excellent!
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Ernesto Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:26 PM
Response to Original message
4. I want st. ronny to spin in his grave!
Perhaps this will get him started........
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bluesmail Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:10 PM
Response to Original message
6. It can't happen quick enough. Enough of Reaganomics. Enough
of no oversight. Enough of THEM writing the laws for THEM. Enough.
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:06 PM
Response to Original message
7. Cheers to Obama, but curses for GOP which overturned regulations . . .
with the aid of Democrats ---

There's a tremendous hedge fund collapse right now, isn't there . .. ??

PLUS they also let them go wild on pension fund financing --- !!!

So, big problems there aside from the corporate cuts in all benefits!!

This barn door should have been closed long ago -- right wing propaganda,

right-wing corporate-news, right wing control of Congress.

Public is going to wake up to Global Warming and financial collapse and maybe

begin to ask a question or two about how they have been so fatally betrayed.

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truthisfreedom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 09:04 PM
Response to Original message
8. AND they should hunt down those who knowingly gamed the system and destroyed the stock market.
Lawbreakers or not, they should be tied up in court for years and made examples of.
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Sarah Ibarruri Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 09:21 PM
Response to Original message
9. Thank GOD! I love this man nt
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baldguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 09:24 PM
Response to Original message
10. That's the FIRST they shouldda done, BEFORE spending a half trillion dollars!
FUCKING REPUBLICANS!
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liberaltrucker Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 11:21 PM
Response to Original message
11. Hose and soap. Clean this mess up
Afterward, clean out the sewer. Yeah, our President has his priorities right.

:patriot:
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barb162 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-25-09 12:36 AM
Response to Original message
12. It's about time! Good. n/t
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