Financial Reform HR 4173

by Chris | June 19th, 2010

Everyone’s talking about the oil spill, or North Carolina congressman Bob Etheridge who assaulted a student, or Obama’s vulgar and violent comment, or a litany of other distractions …

Yes, distractions!  The Obama administration is happy to watch their polls plummet and their elected officials get smeared in the press as long as their lifelong strategy stays on track.

We are being distracted while the single greatest event in almost 100 years is happening without any attention at all!

Last December The House passed a finance reform bill and The Senate passed their version in May.  Now both bills are in committee being refined.  The result will be the Fed controlling almost literally every financial transaction you engage in.

I realize that most people understand that they don’t want to pay any more in taxes and so it’s easy to get energized about fighting against higher taxes.  But with financial reform most people think that this is going to apply to Obama’s “Fat Cat Greedy Bankers.”  Nothing could be farther from the truth.

The truth is this farce of financial reform will empower those “greedy” financial institutions to continue in their practices, but will tie government strings to home purchases, student loans, payday loans, your credit card purchases … almost every time you spend money the Fed will control that transaction.

I will write more on this in days to come, but the time is now!

This bill will probably only be in committee for a few more weeks!  Once it comes out of committee President Obama will sign it and the government will control almost every aspect of your personal finances!

ACTION ITEM:  Contact your representative and let them know that you are against this bill.

For now here are some links so you can do your own research:

Financial Reform HR 4173

Chris Dodd – Senate Banking Committee

Senate version of the bill passed 5/20/10 http://banking.senate.gov/public/_files/032310MangersAmendmentAYO10627.pdf

Barney Frank – House Financial Services Committee

House version of the bill passed 12/11/09 http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryReform/hr4173eh.pdf

Side by side comparison http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryReform/H.R._4173_Side_by_Side/Financial_Regulatory_Reform06072010.html

Open Congress comparison http://www.opencongress.org/articles/view/1889-What-s-Next-for-Reforming-Wall-Street

The Heritage Foundation 16 Key Studies http://www.heritage.org/Research/Reports/2010/04/Financial-Regulation-Reform-16-Key-Studies-and-Analyses

 

 

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