Read the Bills Act Coalition

Wednesday, June 17, 2009

The plan would give the government new powers to seize key companies as they see fit

Why can't people see the dangerous path we continue to let this administration take us down? From the LA Times:

Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests....Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.... Administration calls for financial... Obama moving cautiously on financial...But critics say the easing of the financial crisis that gripped the country last year appears to have reduced the momentum for some of the most far-reaching proposals, such as merging several banking regulatory agencies....They're also concerned that the proposed agency whose mission would be to protect consumers against financial misconduct wouldn't have the authority to do so for a wide-enough range of products.



Read Here:http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story

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