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The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
Thank you for proving my point. That is exactly what I have been saying. The problem with transferring regulation from Congress to White House / Treasury is that it's an obvious power grab, and unconstitutional, and was laughed out of Congress by GOP.
You do know the Sec Of Treasury is a part of the Admin, don't you? Basically Bush tried to transfer the power of regulation to HIMSELF, and as a result that power would now belong to Obama. Would you be happy with that?
Jul 2013 FRB: Testimony--Tarullo, Dodd-Frank Implementation--July 11, 2013
quote: Implementation of Basel III Capital Rules
Let me begin by noting the completion of our major rule makings on capital regulation. Although most of the provisions in these rules do not directly implement provisions of the Dodd-Frank Act, implementation of that law is occurring against the backdrop of implementation of the Basel III framework.
This month, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) approved final rules implementing the Basel III capital framework, as well as certain related changes required by the Dodd-Frank Act
Yet the conservative narrative is oh its those people you know poor people, hispanic people, BLACK people who caused it all because banks were forced to lend to them. Its the homosexual Barney Frank who is too blame. THis is a HATEFUL and a dishonest response.
All that stuff was in play until the deregulated manipulators on Wall St had pushed things so far over the edge, the market decided that they should all go broke. At that point, all of a sudden the battle cry changed to "privatized wealth, socialized debt."
FUNNNEEEE, the last economic downturn is generally recognized to emanate from the explosion of a massive housing bubble.
That housing bubble was created, for the most part.....by government manipulation and meddling. The US housing market is totally rigged and manipulated by the Federal Government..............free market.........LMFAO!
Thank you for proving my point. That is exactly what I have been saying. The problem with transferring regulation from Congress to White House / Treasury is that it's an obvious power grab, and unconstitutional, and was laughed out of Congress by GOP.
Laughable response and completely inaccurate!
First...it's not unconstitutional if Congress votes for it and passes it.
Second...it's not a power grab to appoint a special regulator to work within the Treasury Department and give the authority to appoint directors of Fanny & Freddie away from the President TO Congress.
Third...Congress never got to vote on this proposal because it didn't make it bout of committee!
I really have to wonder about your ability to read plain English?
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