Reform Ramrod! If you can believe this, they are planning on voting on Dodd's bill at 5pm EST. Attached is Dodd's manager's amendment. So, this is being introduced, no time to read it and they are going to vote this bill out of committee, now.
This is bad, we know the bill already has gapping holes on derivatives, which are labeled the swiss cheese derivative reform. Yet there is no time to read this latest amendment, and clearly the bill is just being ramrodded out of committee with no debate.
While of course Republicans are out to make it much worse, even Tim Geithner (of all people), thinks this bill is ineffective and is demanding real financial reform instead of a watered down bill:
Timothy Geithner, the US Treasury Secretary, warned Capitol Hill not to water down the President’s reforms. In a speech in Washington, Mr Geithner said: “The test we face is whether we enact real reforms that provide strong protection for consumers, strong constraints on risk-taking by large institutions and strong tools to protect the economy and taxpayers from future crises. We will not accept a Bill that does not meet that test.”
Folks, I do believe the Consumer Financial Protection Agency is becoming a ruse.
Now, while I am all for an independent CFPA (Consumer Financial Protection Agency), I do believe we're being set up to get all of the focus on that war, instead of the real one, which should be derviatives regulation.
Have you noticed this? We're being set up. Pretty much the only thing that makes the news is the battle over the CFPA, all the while the real big kahuna, the thing which puts the entire globe including sovereign nations at risk....is derivatives.
Now we're getting reform ramrod and a most notorious activity is to introduce a "managers amendment", at the last minute, which no one can read and digest (due often to legalize referencing other clauses in other bills) in time to stop it.
Update: Dodd's Financial Reform passed out of committee in 21 minutes. The only hope is some serious modifications and amendments to completely change it on the Senate Floor.