Friday, June 25, 2010

Dodd-Frank Financial Bill Passes

Washington Post: "Key House and Senate lawmakers agreed on far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute deal making. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.

Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing, exhaustive hours after they began Thursday morning.

"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."
"We've put in the hands of the president a very powerful set of tools for him to reassert American leadership in the world," Frank said.

One of the last motions Friday was to name the bill after the two chairmen, who had shepherded the legislation through the House and the Senate over the past year. At 5:07 a.m., they agreed unanimously that it would be known as the Dodd-Frank bill, and the sound of applause echoed down the empty hallways."

A bill that tallys over 2000 pages in length and creates a new agency, independent of Congressional authority, to monitor the economy and repossess and repurpose various financial functions to suit the needs it sees fit.
It occours to me yet again, that these nests of serpents have no regard for reality, and only for the power of those who have corrupted this government.

May heaven help us, as even those who claim authorship have no idea what this will do to the real world.

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