Posted by: maboulette | August 28, 2011

FINANCIAL REFORM – PROMISED AND DELIVERED

United States President Barack Obama signs int...

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Below is a list of issues in Financial Reform that were promised and delivered by President Obama so far in his first term!

• Established the National Commission on Fiscal Responsibility and Reform.

• Established President’s Advisory Council on Financial Capability to assist in financial education for all Americans.

• Passed the Restoring American Financial Stability Act of 2010.

• Passed the Dodd-Frank (DF) Wall Street Reform and Consumer Protection Act, the biggest financial reform law since the Great Depression.

• Assigned a Special Inspector General for the Troubled Asset Relief Program Act of 2009 and reclaimed all but $25 billion of the more than $700 billion in tax payer bailout money.

• Passed the Pension Relief Act of 2010.

• Passed the Fraud Enforcement and Recovery Act.

• Reformed deferral rules to curb tax advantages for investing overseas.

• Established new offshore investment policy that promotes in-sourcing.

• Cut salaries for 65 bailout executives

• Closed offshore tax safe havens, tax credit loopholes.

• Created the Financial Stability Oversight Council to monitor stability of the financial system and individual firms.

• Instituted new requirements for reporting financial data to the SEC

• Created self-funded Office of Financial Research (OFR) to collect information from financial firms

• Office of Financial Regulation employees must wait a year before working for certain financial firms.

• Provided rules for orderly liquidation of financial companies to avoid future bailouts.

• Limited trading activities of banks (Volcker Rule).

• Swaps Pushout Rule prevented federal assistance to swaps (including derivatives) traders

• Derivatives must be traded transparently through a clearing house

• Defined the amount and nature of assets required to meet capital requirements

• Mandated that originators of asset-backed securities must retain 5% ownership/risk

• Founded the Bureau of Consumer Financial Protection

• Stronger client fiduciary duty for broker-dealers

• Mandated higher standards for securities advertising and disclosures

• Required higher standards for systemically important ($50 billion assets+) institutions, including annual stress tests and restrictions on bank acquisitions

• Executive compensation must be determined by an independent committee

• Issued compensation guidelines for bank executive salary and bonuses.

• Financial agencies must establish Offices of Women and Minorities to promote more diverse hiring

• Signed the Credit Card Accountability, Responsibility and Disclosure Act.

• Signed the Credit CARD Technical Corrections Act of 2009.

• Established a credit card bill of rights.

• Reformed credit card swipe fees.

• Created new criminal penalties for mortgage fraud.

• Worked with Congress in pursuing Goldman Sachs for securities violations.

• Permanently extended Research and Experimentation Tax Credit for domestic investments.

• Negotiated deal with Swiss banks to permit US government to gain access to records of tax evaders and criminals.

• Denied federal contracts to tax delinquents.

• Improper Payments Elimination and Recovery Act – establishes a Federal “Do Not Pay” list.

• Established President’s Advisory Council on Financial Capability to assist in financial education for all Americans.

• Agreed with Switzerland to bolster tax information exchange.

 


Responses

  1. you may want to add effectively destroyed free market capitalism and shut down the greatest business climate the world has ever seen, but then to all you pro-Marxist Keynesians I suppose you think that’s a good thing. Have you looked in your wallet lately? Didn’t I read in one of your posts recently about not having enough work and having to work harder than ever to make ends meet? I guess cause and effect doesn’t work here eh? Funny my welfare receiving tenants never had it so good. As a matter of fact, I’m willing to wager she lives better than you too. There’s a big difference between a hand up and a hand out! Still don’t get it do you?

    • I am not on welfare – or food stamps!! I have a copy of the Consitution and we are never going to agree on anything so why don’t you just stop trying! Boy, you just really are good at spouting out all of Glenn Becks BS – word for word – you have it all memorized “pro-Marxist Keynesians” – if you don’t like it – move!!!


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