Huffington Post is reporting on a how a new financial reform bill in response to our latest economic crisis is now having much of its oversight ability is being watered down in the language used. At first is was to have reports created that would address potential and growing threats to the financial system. Now it appears Democratic Rep. Gregory Meeks has amended the bill to instead address “financial and regulatory developments.
An amendment offered by Rep. Gregory Meeks (D-N.Y.) and unanimously approved by a voice vote in the House Financial Services Committee specifically deletes a provision in the Financial Stability Improvement Act of 2009.
The two draft versions of the bill originally called for the proposed overseer of threats to the entire financial system to prepare an annual report to Congress describing, among other things, “significant financial market developments and potential emerging threats to the stability of the financial system.”
But on Thursday, Meeks’ amendment deleted that language and instead compels the council to describe:
“Significant financial and regulatory developments, including insurance and accounting regulations and standards, and assesses the impact of those developments on the stability of the financial system.”
Thus, “potential emerging threats” was replaced by “financial and regulatory developments.”
Analysis: We need to pay close attention to how the powerful financial lobby in Washington D.C. works in the background to thwart any real attempts to bring real reform and change to how we handle our economy and financial system. The American taxpayer really saved our financial system and the banks really should listen to these proposals that are coming from our lawmakers and realize how reckless they have been and this era of deregulation was over-done and how we need to get back to prudent operations and rules. I did a quick search on Rep. Meeks to see where his corporate campaign funding comes from and surprise surprise, his 3rd and 4th largest donors were financial companies and his top 3 industries that donated were (in order): Securities & Investments, Insurance, Finance & Credit. I am not trying to single him out because of his political affiliation, knowing good and well that almost all members are heavily financed from these industries but he is the one who added the amendment so he gets scrutiny in this article.