Slow Saturday Special: Wall Street Throws Weekend Party Thanks to Washington
And what we found shredded on the Sunday morning floor:
"Regulators to shape finance rules; Bank, consumer groups shift focus" by Binyamin Appelbaum, New York Times | June 27, 2010
WASHINGTON — Well before Congress reached agreement on the details of its financial overhaul legislation, industry lobbyists and consumer advocates started preparing for the next battle: influencing the creation of several hundred new rules and regulations.
The bill, completed early Friday and expected to come up for a final vote this week, is basically a 2,000-page missive to federal agencies, instructing regulators to address subjects ranging from derivatives trading to document retention. But it is notably short on specifics, giving regulators significant power to determine its impact — and giving partisans on both sides a second chance to influence the outcome.
The much-debated prohibition on banks investing their own money, for example, leaves it up to regulators to set the exact boundaries. Lobbyists for
Regulators are charged with deciding how much money banks have to set aside against unexpected losses, so the Financial Services Roundtable, which represents large financial companies, and other banking groups have been making a case to the regulators that squeezing too hard would hurt the economy.
Consumer groups, meanwhile, are mobilizing to make sure that regulators deliver on promised protections for borrowers and investors. They worry that the shift from Capitol Hill to the offices of regulators could put the groups at a disadvantage....
How come you are always in that group, Americans?
When President Obama signs the bill into law, most likely by the Fourth of July, he will start the clock on dozens of deadlines embedded in the legislation for regulators from a host of agencies, including the Federal Reserve, the Securities and Exchange Commission, and the Federal Deposit Insurance Corp., to make those decisions.
The MSM sure makes it sound like a done deal.
Interest groups have been preparing for months....
Shaping regulations is a different game than shaping legislation. Political considerations carry less weight. Instead, regulators crave data that can be used to justify decisions....
That was when I had to stop reading the PoS.
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And why worry?
We won(?)!
"Obama urges Congress to finish overhaul bill
House and Senate negotiators approved the overall deal Friday, and Democratic leaders hope to muscle it through Congress next week....
Why would you have to "muscle" it through if it is so right and so popular?
Related: Health Bill Makes MSM Monitor Sick
Again....
“We now stand on the verge of victory,’’ the president said....
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