Audit the Fed Passed House Conference? Input NeededSubmitted by SteveMT on Wed, 12/02/2009 - 12:14
Is this HR 1207? What does this mean?
Panel OKs key regulatory measure; House vote next
House panel OKs Wall Street, Fed regulations; full House to act on broad overhaul next week?
Jim Kuhnhenn, Associated Press Writer
10:58 am EST, Wednesday December 2, 2009
WASHINGTON (AP) -- A House panel has approved legislation that slaps new restraints on big Wall Street institutions and demands greater openness from the nation's central bank. The bill is part of a sweeping regulatory overhaul that the House plans to vote on next week.
The House Financial Services Committee voted 31-27 along party lines for legislation that would give the government the right to dismantle financial firms that pose a risk to the economy, even if they are healthy.The bill would also require a broad congressional audit of the privacy-shrouded Federal Reserve and would assess fees up front on large financial institutions to pay for the failure of their competitors.
Ten members of the Congressional Black Caucus did not vote, signaling their continuing demands that the Obama administration address unrelated joblessness issues facing the black community, where unemployment far exceeds the national average.
Their absence from the vote signal potential troubles ahead for the comprehensive regulatory package if their concerns are not addressed. Forty-one House members, all Democrats, are members of the caucus.
In a statement Tuesday evening, White House spokeswoman Jennifer Psaki said: "The president's top priority is economic recovery and we understand the profound impact that the recession is having on the African-American community. We welcome a continuing dialogue with the CBC on how we can collaborate to implement the president's agenda to support economic growth and opportunity for all Americans."