H.R. 3997 "$700 Billion Bail-out Bill" Revision Information

Take note of one clause that has remained unchanged:

Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking ‘‘October 1, 2011’’ and inserting ‘‘October 1, 2008’’.

I wonder if this is the real meat of the bill. What is it referring to in the Financial Services Regulatory Relief Act of 2006?

http://www.govtrack.us/co...

SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS.

Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended--
(1) in clause (i), by striking `the ratio of 3 per centum' and inserting `a ratio of not greater than 3 percent (and which may be zero)'; and
(2) in clause (ii), by striking `and not less than 8 per centum,' and inserting `(and which may be zero),'.

SEC. 203. EFFECTIVE DATE.

The amendments made by this title shall take effect October 1, 2011.

They are removing the reserve ratio altogether. Consider that this bill has already been passed (and no one noticed) and was supposed to be enacted in 2011. This was the original timetable. That has been bumped up now. This is why the press and the leaders are so desperate to get this bill passed -- their entire plan is at stake.

Edit:
Here is the original bill to which this is referring:

http://www.federalreserve...

2. Reserve requirements.

A. Each depository institution shall maintain reserves against its transaction accounts as the Board may prescribe by regulation solely for the purpose of implementing monetary policy--

i. in the ratio of 3 per centum for that portion of its total transaction accounts of $25,000,000 or less, subject to subparagraph (C); and*

ii. in the ratio of 12 per centum, or in such other ratio as the Board may prescribe not greater than 14 per centum and not less than 8 per centum, for that portion of its total transaction accounts in excess of $25,000,000, subject to subparagraph (C).

Ron Paul's Convention Speech

SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE
(3) If, If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the
plan of the Secretary to exercise the authority under plan unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at shall be limited to $700,000,000,000 outstanding at any one time.
AT ANY ONE TIME

Tim
GOLD

Interesting. How many more times will it change tho?