The financial reform is a joke. If legislators can't pass meaningful legislation and enforce it, there is no financial reform.
April 8, 2016
...G20 world leaders (click here) have made a start with a joint commitment to increase corporate transparency. The United Kingdom is leading the way, mandating public disclosure of the true owners – the “beneficial owners” – of UK companies. The European Union has followed, directing its members to obtain beneficial ownership information for EU corporations and make it available to persons with a “legitimate interest,” including law enforcement and journalists. Implementing that directive is the next step for the European Union.
The United States is far behind. We now require more information to get a library card than to form a US corporation. That may be why the Panama law firm had a Nevada office. Bipartisan legislation pending in the US Congress requiring the collection of beneficial ownership information for US corporations has languished despite law enforcement pleas for action. The biggest impediment is opposition from the secretaries of state of our 50 states, who financially benefit from forming new corporations and don’t want to ask questions that might jeopardize their revenue. Our states need to wake up to the damage they are doing and stop forming corporations with hidden owners....
Bernie Sanders's invitation to the Vatican to discuss a moral economy.
Dodd-Frank was signed into law on July 21, 2010. The law exists and begins it's enforcement with referral by The Federal Reserve Bank. Perhaps QE 1 through 3 is best understood in that context.
Dodd - Frank, Sec. 121. Mitigation of risks to financial stability. (click here)
There is a process to breaking up the banks and evidently it has not been entertained at all.
Senator Warren (click here) was sworn into her Senate seat January 2013 after winning in November 2012.
March 13, 2013
By Katie Gillespsei
In a March 12 letter, Sen. Bob Corker, (click here) a senior member of the Senate Banking Committee, raised concerns about whether the Financial Stability Oversight Council would wind down a healthy institution due to concerns regarding whether the bank is "too big to fail."
The Tennessee Republican pointed to section 121 of the Dodd-Frank reform law asking ten voting members of the FSOC whether the provision means "that an institution has to be unhealthy to pose a threat to the financial system."
"Section 121 of the law dictates that the FSOC can vote to order the Federal Reserve Board to break up an institution if the Fed finds that it's unable to 'mitigate a threat to the financial stability of the United States,'" writes American Banker's Victoria Finkle.
Corker also raised the issue at a confirmation hearing Tuesday for Consumer Financial Protection Bureau Director Richard Cordray.
"Is it your understanding that the FSOC has the ability to wind down an institution, even if it's healthy, because it poses a threat to our country, if it were to have problems?" Corker asked Cordray.
Cordray responded that the group has not discussed the issue at meetings he's attended, stating that "it's been an assumption that the failure of an institution, or the impending failure of an institution, and therefore the eminent weakness of the institution, would itself pose a potentially systemic threat to the financial system."...
April 8, 2016
By Susan Jones
(CNSNews.com) - Bernie Sanders (click here) says he's a "big, big fan" of
Pope Francis, who has invited him to speak at a Vatican conference on April 15.
"I was very moved by the invitation, which just was made public today," the
Jewish senator told MSNBC's "Morning Joe" on Friday.
"Obviously there are areas where we disagree on," Sanders said, pointing to
"women's rights" and "gay rights."
"But he has played an unbelievable role -- an unbelievable role -- of injecting
the moral consequence into the economy.
"You know, people think Bernie Sanders is radical? Uh-unh. Read what the pope
is writing.
"What he is saying is not only that we have to pay attention to what he calls
the dispossed; and again, we don't talk about it enough. These are the children
who have no jobs all over the world; youth unemployment is off the charts.
The elderly people who are watching this program now who are trying to get by
on $11,000 a year -- we don't talk about that....
April 4, 2016
By Bernie Sanders
...Daily News: Okay. Well, would you name, say, three American corporate giants that are destroying the national fabric? (click here)
Sanders: JPMorgan Chase, and virtually every other major bank in this country.
Let me be very clear, all right? I believe that we can and should move to what
Pope Francis calls a moral economy.
Right now, there are still millions of people in this country who are suffering the results of the greed, recklessness and illegal behavior on Wall Street. And when you have companies like Goldman Sachs and many other major banks reaching settlements with the United States government, as you're aware, for many billions of dollars, this is an implicit admission that they have engaged in illegal activity.
Daily News: I understand that. I wanted to draw a distinction, though. Because in your speech you mention the financial industry and you focused on corporate America, the greed of Wall Street and corporate America. So I wanted to get a sense of corporate America, as the agent of American destruction.
Sanders: General Electric, good example. General Electric was created in this country by American workers and American consumers. What we have seen over the many years is shutting down of many major plants in this country. Sending jobs to low-wage countries. And General Electric, doing a very good job avoiding the taxes. In fact, in a given year, they pay nothing in taxes. That's greed.
That is greed and that’s selfishness. That is lack of respect for the people of this country....
April 8, 2016
...G20 world leaders (click here) have made a start with a joint commitment to increase corporate transparency. The United Kingdom is leading the way, mandating public disclosure of the true owners – the “beneficial owners” – of UK companies. The European Union has followed, directing its members to obtain beneficial ownership information for EU corporations and make it available to persons with a “legitimate interest,” including law enforcement and journalists. Implementing that directive is the next step for the European Union.
The United States is far behind. We now require more information to get a library card than to form a US corporation. That may be why the Panama law firm had a Nevada office. Bipartisan legislation pending in the US Congress requiring the collection of beneficial ownership information for US corporations has languished despite law enforcement pleas for action. The biggest impediment is opposition from the secretaries of state of our 50 states, who financially benefit from forming new corporations and don’t want to ask questions that might jeopardize their revenue. Our states need to wake up to the damage they are doing and stop forming corporations with hidden owners....
Bernie Sanders's invitation to the Vatican to discuss a moral economy.
Dodd-Frank was signed into law on July 21, 2010. The law exists and begins it's enforcement with referral by The Federal Reserve Bank. Perhaps QE 1 through 3 is best understood in that context.
Dodd - Frank, Sec. 121. Mitigation of risks to financial stability. (click here)
There is a process to breaking up the banks and evidently it has not been entertained at all.
Senator Warren (click here) was sworn into her Senate seat January 2013 after winning in November 2012.
March 13, 2013
By Katie Gillespsei
In a March 12 letter, Sen. Bob Corker, (click here) a senior member of the Senate Banking Committee, raised concerns about whether the Financial Stability Oversight Council would wind down a healthy institution due to concerns regarding whether the bank is "too big to fail."
The Tennessee Republican pointed to section 121 of the Dodd-Frank reform law asking ten voting members of the FSOC whether the provision means "that an institution has to be unhealthy to pose a threat to the financial system."
"Section 121 of the law dictates that the FSOC can vote to order the Federal Reserve Board to break up an institution if the Fed finds that it's unable to 'mitigate a threat to the financial stability of the United States,'" writes American Banker's Victoria Finkle.
Corker also raised the issue at a confirmation hearing Tuesday for Consumer Financial Protection Bureau Director Richard Cordray.
"Is it your understanding that the FSOC has the ability to wind down an institution, even if it's healthy, because it poses a threat to our country, if it were to have problems?" Corker asked Cordray.
Cordray responded that the group has not discussed the issue at meetings he's attended, stating that "it's been an assumption that the failure of an institution, or the impending failure of an institution, and therefore the eminent weakness of the institution, would itself pose a potentially systemic threat to the financial system."...
April 8, 2016
By Susan Jones
(CNSNews.com) - Bernie Sanders (click here) says he's a "big, big fan" of
Pope Francis, who has invited him to speak at a Vatican conference on April 15.
"I was very moved by the invitation, which just was made public today," the
Jewish senator told MSNBC's "Morning Joe" on Friday.
"Obviously there are areas where we disagree on," Sanders said, pointing to
"women's rights" and "gay rights."
"But he has played an unbelievable role -- an unbelievable role -- of injecting
the moral consequence into the economy.
"You know, people think Bernie Sanders is radical? Uh-unh. Read what the pope
is writing.
"What he is saying is not only that we have to pay attention to what he calls
the dispossed; and again, we don't talk about it enough. These are the children
who have no jobs all over the world; youth unemployment is off the charts.
The elderly people who are watching this program now who are trying to get by
on $11,000 a year -- we don't talk about that....
April 4, 2016
By Bernie Sanders
...Daily News: Okay. Well, would you name, say, three American corporate giants that are destroying the national fabric? (click here)
Sanders: JPMorgan Chase, and virtually every other major bank in this country.
Let me be very clear, all right? I believe that we can and should move to what
Pope Francis calls a moral economy.
Right now, there are still millions of people in this country who are suffering the results of the greed, recklessness and illegal behavior on Wall Street. And when you have companies like Goldman Sachs and many other major banks reaching settlements with the United States government, as you're aware, for many billions of dollars, this is an implicit admission that they have engaged in illegal activity.
Daily News: I understand that. I wanted to draw a distinction, though. Because in your speech you mention the financial industry and you focused on corporate America, the greed of Wall Street and corporate America. So I wanted to get a sense of corporate America, as the agent of American destruction.
Sanders: General Electric, good example. General Electric was created in this country by American workers and American consumers. What we have seen over the many years is shutting down of many major plants in this country. Sending jobs to low-wage countries. And General Electric, doing a very good job avoiding the taxes. In fact, in a given year, they pay nothing in taxes. That's greed.
That is greed and that’s selfishness. That is lack of respect for the people of this country....
