Proposed bill to tame financial markets
(18 March 2010 – USA) A new Democratic Senate bill has been proposed in the US, designed to tame the financial markets and give the government new powers over firms that threaten the economy.
The legislation unveiled earlier this week, by the Senate Banking Committee’s chairman Chris Dodd, would create a watchdog within the Federal Reserve allowing them to force the industry to pay for its failures and the power to break up firms.
The bill is reported to be lacking the ambitious restructuring of the federal financial regulations that President Barack Obama originally hoped for, or that of other legislations already passed in house.
However, if passed the bill would be the largest overhaul of regulations since the 1930’s and includes provisions already negotiated with the Republicans.
Mr Dodd said that Americans are frustrated and angry; they have lost faith in the US markets and they wonder if anyone is looking out for them.
While announcing the bill, that would affect everyone involved in the financial sector, Mr Dodd was unsupported by the ten Republicans on his committee.
The President commented on the bill saying it had a ‘strong foundation’, but signalled that it lacked some of his key requirements.
Barack Obama said he will take every opportunity to work with Mr Dodd and his colleagues to strengthen the bill and will fight against efforts to weaken it.
The bill is reported to be lacking the ambitious restructuring of the federal financial regulations that President Barack Obama originally hoped for, or that of other legislations already passed in house.
However, if passed the bill would be the largest overhaul of regulations since the 1930’s and includes provisions already negotiated with the Republicans.
Mr Dodd said that Americans are frustrated and angry; they have lost faith in the US markets and they wonder if anyone is looking out for them.
While announcing the bill, that would affect everyone involved in the financial sector, Mr Dodd was unsupported by the ten Republicans on his committee.
The President commented on the bill saying it had a ‘strong foundation’, but signalled that it lacked some of his key requirements.
Barack Obama said he will take every opportunity to work with Mr Dodd and his colleagues to strengthen the bill and will fight against efforts to weaken it.
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