Wed 3 Mar, 2010
Thanks for looking out for the little guy:
Mother Jones has obtained a copy of Sen. Chris Dodd’s plan to house a consumer financial protection office within the Department of the Treasury rather than creating an independent agency. Several other news sources have received copies, but none have made the leaked document publicly available. We’re posting Chris Dodd’s consumer financial protection plan here (PDF). It seems certain to disappoint experts and progressives who had called for a powerful new agency. (Andy Kroll has more on this.) This is the document’s top-line summary:
Create a [Bureau of Financial Protection] inside of Treasury with a Presidentially-appointed director; a dedicated budget (through assessments on large banks, non-banks, and with the Fed making up the shortfall); autonomous rule-writing authority with the regulations to apply across-the-board to all entities offering financial services or products; and examination and enforcement authority for large banks and mortgage companies, small banks in a back-up capacity, and other non-banks on a risk basis, as described below.
The independent agency proposal would be dropped.
Now why would Chris Dodd water down a bill he strongly supported a year ago? Easy, his corporate master, Jamie Dimon, told him too:
Jamie Dimon, the chief executive of JPMorgan Chase, says he believes Washington has become increasingly erratic and unfair in its treatment of the banks over the last few months, and he now has some regrets about participating in the government’s Troubled Asset Relief Program.
[...]
Mr. Dimon said Thursday at the Investor Day conference that he supported certain new regulations to secure the financial system, but not all of them. He said JPMorgan had always supported the creation of a systemic risk regulator, which would be controlled by the Federal Reserve, to monitor the largest and most interconnected banks in the nation.
He disagreed with one proposal to create a separate agency devoted to consumer protection, which would regulate a whole host of activities from mortgages to credit cards.
“We want better consumer protection; we just don’t want a new agency. We think it should be done by the O.C.C. and the Fed,” Mr. Dimon said, referring to the Office of the Comptroller of the Currency.
“Yes, you can say they didn’t do a great job, but they are professional people,” he said. The elegant solution is for Congress to tell them do a better job.”
Mr. Dimon may get his wish, thanks to some persuasive lobbyists in Washington. Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate Banking Committee, said last month that he might drop demands for a new agency after pushing for its creation.
Many people believe Democrats are pussies. They’re not. They’re just corrupt and do whatever their corporate masters tell them to do.
3 Responses to “Hey Chris Dodd
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Tags: Fuck Chris Dodd, Fuck Democrats, Fuck I'm out of scotch, Fuck RepublicansComments (3)
nahummer says:
Sorry PP, but you’re right, the left is no less complicit than the right in this ugly mess, if anything more so. I’d rate the chances of meaningful financial reform a lower than the chance of seeing both a ‘good’ health care bill and decent environmental legislation being enacted.
ZIRGAR says:
“Pussies don’t like dicks, because pussies get fucked by dicks. But dicks also fuck assholes: assholes that just want to shit on everything. Pussies may think they can deal with assholes their way. But the only thing that can fuck an asshole is a dick, with some balls. The problem with dicks is: they fuck too much or fuck when it isn’t appropriate — and it takes a pussy to show them that. But sometimes, pussies can be so full of shit that they become assholes themselves… because pussies are an inch and half away from ass holes. I don’t know much about this crazy, crazy world, but I do know this: if you don’t let us fuck this asshole, we’re going to have our dicks and pussies all covered in shit!”
Phuck Politics says:
@nahummer – A good health care bill and decent environmental legislation will never happen because our corporate owners won’t allow it.
@Zirgar – I’m going to watch that movie this weekend. Thanks.