Friday, December 11, 2009

Federal Government Moves to Nationalize Banks

The Obama administration won a victory for its vision of financial reform on Friday, heading off a rebellion by conservative Democrats in the House of Representatives to pass a landmark regulation bill.

The legislation included a new Consumer Financial Protection Agency, an innovation fiercely opposed by banks and some Democrats.

In the final vote, 27 Democrats – and every Republican present – opposed the bill, which gives the government the power to seize and wind down a failing financial institution, to push more derivatives through clearing houses and to give investors a non-binding vote on directors’ pay.

I'm speechless.

1 comment:

Brian said...

More government...we didn't get "change," we got more of the same only faster and in larger doses.