bostonangler

What is the 'Dodd-Frank Wall Street Reform and Consumer Protection Act ' The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed by the Obama administration in 2010 as a response to the financial crisis of 2008. Named after sponsors U.S. Senator Christopher J. Dodd and U.S. Representative Barney Frank, the act's numerous provisions, spelled out over roughly 2,300 pages, are being implemented over a period of several years and are intended to decrease various risks in the U.S. financial system. The act established a number of new government agencies tasked with overseeing various components of the act and by extension various aspects of the banking system. President Donald Trump has pledged to repeal Dodd-Frank. BREAKING DOWN 'Dodd-Frank Wall Street Reform and Consumer Protection Act ' The Financial Stability Oversight Council and Orderly Liquidation Authority monitors the financial stability of major firms whose failure could have a major negative impact on the economy (companies deemed "too big to fail"). It also provides for liquidations or restructurings via the Orderly Liquidation Fund, which provides money to assist with the dismantling of financial companies that have been placed in receivership, and prevents tax dollars from being used to prop up such firms. The council has the authority to break up banks that are considered to be so large as to pose a systemic risk; it can also force them to increase their reserve requirements. Similarly, the new Federal Insurance Office is supposed to identify and monitor insurance companies considered "too big to fail." The Consumer Financial Protection Bureau (CFPB) is supposed to prevent predatory mortgage lending (reflecting the widespread sentiment that the subprime mortgage market was the underlying cause of the 2008 catastrophe) and make it easier for consumers to understand the terms of a mortgage before finalizing the paperwork. It prevents mortgage brokers from earning higher commissions for closing loans with higher fees and/or higher interest rates, and says that mortgage originators cannot steer potential borrowers to the loan that will result in the highest payment for the originator. The CFPB also governs other types of consumer lending, including credit and debit cards, and addresses consumer complaints. It requires lenders, excluding automobile lenders, to disclose information in a form that is easy for consumers to read and understand; an example is the simplified terms you'll find on credit card applications. A key component of Dodd-Frank, the Volcker Rule (Title VI of the Act), restricts the ways banks can invest, limiting speculative trading and eliminating proprietary trading. Effectively separating the investment and commercial functions of a bank, the Volcker Rule strongly curtails an institution’s ability to employ risk-on trading techniques and strategies when also servicing clients as a depository. Banks are not allowed to be involved with hedge funds or private equity firms, as these kinds of businesses are considered too risky. In an effort to minimize possible conflict of interests, financial firms are not allowed to trade proprietarily without sufficient "skin in the game." The Volcker Rule is clearly a push back in the direction of the Glass-Steagall Act of 1933 – a law that first recognized the inherent dangers of financial entities extending commercial and investment banking services at the same time. The act also contains a provision for regulating derivatives such as the credit default swaps that were widely blamed for contributing to the 2008 financial crisis. Because these exotic financial derivatives were traded over the counter, as opposed to centralized exchanges as stocks and commodities are, many were unaware of the size of their market and the risk they posed to the greater economy. Dodd-Frank set up centralized exchanges for swaps trading to reduce the possibility of counterparty default and also required greater disclosure of swaps trading information to the public to increase transparency in those markets. The Volcker Rule also regulates financial firms' use of derivatives in an attempt to prevent "too-big-to-fail" institutions from taking large risks that might wreak havoc on the broader economy. Dodd-Frank also established the SEC Office of Credit Ratings, since credit rating agencies were accused of giving misleadingly favorable investment ratings that contributed to the financial crisis. The office is tasked with ensuring that agencies improve their accuracy and provide meaningful and reliable credit ratings of the businesses, municipalities and other entities they evaluate. Aiding Whistleblowers Dodd-Frank strengthened and expanded the existing whistleblower program promulgated by the Sarbanes-Oxley Act (SOX). Specifically, the Act: established a mandatory bounty program under which whistleblowers can receive from 10 to 30% of the proceeds from a litigation settlement broadened the scope of covered employee by including employees of the company as well as its subsidiaries and affiliates extended the statute of limitations under which a whistleblower can bring forward a claim against his employer from 90 to 180 days after a violation is discovered Criticism of Dodd-Frank Proponents of Dodd-Frank believe the act will prevent our economy from experiencing a crisis like that of 2008 and protect consumers from many of the abuses that contributed to that crisis. Unfortunately, limiting the risks that a financial firm is able to take simultaneously decreases its profit-making ability. Detractors believe the bill could harm the competitiveness of U.S. firms relative to their foreign counterparts. In particular, the need to maintain regulatory compliance, they feel, unduly burdens community banks and smaller financial institutions — despite the fact that they played no part in the recession. Such financial-world notables as former Treasury Secretary Larry Summers, Blackstone Group L.P. (BX) CEO Stephen Schwarzman, activist Carl Icahn and JPMorgan Chase & Co. (JPM) CEO Jamie Dimon also argue that, while each individual institution is undoubtedly safer due to capital constraints imposed by Dodd-Frank, these constraints make for a more illiquid market overall. The lack of liquidity can be especially potent in the bond market, where all securities are not mark-to-market and many bonds lack a constant supply of buyers and sellers. The higher reserve requirements under Dodd-Frank mean banks must hold a higher percentage of their assets in cash, which decreases the amount they are able to hold in marketable securities. In effect, this limits the bond market-making role that banks have traditionally undertaken. With banks unable to play the part of market maker, prospective buyers will have a harder time finding counteracting sellers, but, more importantly, prospective sellers will find it more difficult to find counteracting buyers. Critics believe the act will ultimately hurt economic growth. If this criticism proves true, the act could affect Americans in the form of higher unemployment, lower wages and slower increases in wealth and living standards. Meanwhile, it will cost money to operate all these new agencies and enforce all these new rules — over 225 new rules across a total of 11 federal agencies, to be exact — and that money will come from taxpayers. Read more: Dodd-Frank Wall Street Reform and Consumer Protection Act Definition | Investopedia http://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp#ixzz4XeDRW6Y9

Rush knows how to get a good price on opioids... B/A

And yet, nothing on Nibiru... B/A

I can't seem to find this on any news sites. But this site does have some incredible stories.. http://yournewswire.com/ B/A

PayDay... That's a great candy bar! B/A

Dr. Clarke, Could you provid some clarity in this madness, and propaganda filled investment? * yesterday, a post from My Ladies, basically stating Iraq is just fine with the current Dinar rate, budget # at least till 2021? Said to stop drinking the Kool-aid, basically! * Jester has stated numerous times, it’s not go to happen like all the guru’s claim, and you’ll be lucky if you get a lousy 20% appreciation on the investment? * JC Collins, from POM newsletter, basically saying the whole Dinar “revaluation ” is a scam, and a fools game? I like JC writing’s etc. Just kinda shocked at his Dinar philosophy? * I like “Bac Doc… he is basically, now saying, we are waiting on the new US back Dollar? * Mountain goat claims everyone is talking smack, except her? I would like to of myself as a very logical thinker. Does anybody really know, understand the truth? I understand how truly evil the deep state- Elites,Cabal, etc in reality do operate! My gut has told me for a number of years, I would be shocked if they allowed the regulator folks to participate in this investment & benefit? Your deep thoughts would be most appreciated! Thank you, RanMan CLARKE: Alright RanMan, great questions. First, if anyone is even here, playing this blogging game about currencies, you have to ask yourself Why? Why are they even here, if they believe the investment is, well “meager” or non-existent? What’s the point? You have to ask yourself??? (Directing this about those you mentioned in your post). SECOND, if you own any of these currencies, especially Iraq Dinar, then why did you do exchange whatever you exchanged, to acquire it, in the first place? THIRD, we remember when the Iraq Dinar had an exchange rate of over $3.00 (U.S. Dollars), a few years ago, and it fluctuated in that range for many years, just like Kuwait’s dinar does today. So, it’s not like it’s never happened before, in fact it was just the normal value range for many years. Those were it’s “Glory” days, and history proves it……and Iraq was 100 times more corrupt then, than it is here in 2017 by far, AND today, Iraq is technologically much more advanced, and prepared with a worldwide integration infrastructure it’s been developing, more than anyone knows, to participate with all foreign markets, at a level, like NEVER before. We could go on…… So, in our view, you can state all kinds of financial logic, as to try and justify, what you call facts, but what we call “Pessimism” & Disbelief……..while ignoring some glaring realities that exist …..and still Believe what you want to Believe…..which is everyone’s right. HOWEVER, just because it hasn’t happened, the way you or anyone else thinks it should or should’ve happened……and discount what COULD HAPPEN, based on the past, and some type of “Logic”….is well……Novice. Shallow. Fully Uninformed., and very shortsighted…….and in our view, very PESSIMISTIC, based on “Selected”…..yes, “Selected Facts”…..but not ALL the Facts……and most of this stuff is not even what we’d label, “Fact”…..In Fact, a Fact is what someone deems, “A Fact”, but has perspective value, because who knows or believes it’s a Fact? Who, the Fact Believer?…..the most solid value that’s ever been stated in the history of “whatever”, is: “PERCEPTION IS REALITY”……so, choose one, and let everyone else, choose their own too…..with respect. The Logic, facts and evidence, that the Chicago Cubs and the Cleveland Indians would BOTH even make it to the world series, was impossible, according to anyone breathing – a Miracle…..except of course, most of their loyal fans. Believers. Then, the Cubs won……WHAT?….where’s the Logic in that? Then this billionaire real estate tycoon, non-politician, comes along and says, “I want to be President of the U.S.”……The logic, evidence, facts, BIGNESS, Past U.S. History and Everything else, says, No Way, not even a sliver of a chance, this can happen, no matter what….we have evidence, we have proof, we have history, we have “Facts” and it’s only “Logical” that it’s fool’s gold, to think this man could ever be elected by the majority of the Collective Consciousness in the great U.S. of A. EVER. PLUS, the establishment, the Power, the PTB, the whatever, would never allow this kind of thing to happen…….Well, everyone was 100% WRONG! What was “ILLOGICAL”, and statistically, historically accurate and against all odds, DID HAPPEN – AND IT HAPPENED BIG! So, all those that want to pessimistically try to justify this and that with all their “Logic”…….we’ll see you at the Bank, with your jaws on the floor, in disbelief & awe, when this all turns from, what you called, “Logic & Fact”…..and realize, it was all just “ILLOGICAL”, from the very beginning…..but you just couldn’t see it, because you were blinded by “The Facts”…..calculations, figures, evidence, history, laws, “The Past”…….it’s all just a matter of a little more hidden, DIVINE, UNIVERSAL, Timing…..All the “ILLOGICAL” pieces must be in place perfectly, for most beneficial human evolution to take place. Timing – everything always is, in life. Have you noticed? …..and so, the Life Lessons continue, in a constantly evolving world, where the “New”, continues to “Renew” every day…..and we see things that have NEVER happened before, Happen. This is one of those things. It isn’t supposed to happen, Logically or Factually…..especially because it involves massive amounts of money, which brings with it, some element of “Power”……better said, “Empowerment”……something most have overlooked, is one of the greatest human benefits of this time that’s gone by for so long, is that life experience, has taught some degree of “Self Empowerment”, like nothing else could have……because you’ve been pushed to your limits, and most of you have exceeded that, and found news ways to empower yourselves, WITHOUT the money. This is true value, and will be fully realized, when you’re on the other side, (of your exchange & of your lifetime) looking back…..then seeing and knowing the great value, that was experienced, and Why. Go exchange your currency today, if that’s what you choose, at whatever rate you can get. Godspeed. It’s your choice, why not exercise it? But to discount BETTER Possibilities and Better Opportunities, and paint the picture that certain things, “Just are NOT possible” and Will Not Happen……..to us, is Negative Pessimism at it’s best. Go tell the Chicago Cubs fans that story…….go tell the Trump supporters, voters and fans that story, go tell the Wright Brothers before they flew, that story…..and someday soon, go tell the Iraq Dinar currency holders who held out for many years, for that “Glory Rate”, waiting with just their “Belief”, that story……. The question is for YOU, my friend……What are YOU doing, to Positively Assist the World TODAY……..TODAY……….TODAY, not tomorrow when you have your money. TODAY. TODAY is all you have friends. Do it TODAY, and Tomorrow will be Better than you expected. Move forward TODAY! We just had to say something about this, at this very important juncture……stay focused on what you Feel in your Heart, to be True. Highest Respects to ALL, Dr. Clarke

I couldn't agree more. B/A

I agree 100%. Very insightful. B/A

Let 'em ate cake... Didn't work for the French royalty and it won't for the new American royalty... JMHO

Dang dude... Don't you know you can't have your own opinion... Either you are with them or they neg you. That's the new reality. B/A

They did teach world governments the art of propaganda. Masters of fear mongering and patriotic hope! Sound familiar? World leaders have used these tools beautifully. B/A

You would never go against him... He has people for that... B/A

Dude you always dog me about links and fake news and you are quoting American Thinker? Just a bit slanted wouldn't you say? I also remember the economy "W" left Obama... You have admit it wasn't pretty. B/A

Right, he didn't manage One West bank... He didn't work at Goldman Sachs, and he didn't run off shore account management... I guess he was selling ice cream down on the corner. B/A

Hey RV long time... I guess you've been busy this week. These statements and many facts from the confirmation hearings are easy to find, just google his name. He is a creep and not a patriot. I'm not a fan of paying taxes, but I'm not hiding my money off shore. I'll pay my due... And I'm sure I wouldn't forget that I had an extra 100 million laying around. B/A

Jax, I enjoy your comments very much and agree... I just don't think most people see past the glorious patriot headlines and understand what the outcome will be for them. But I do agree it is on them. I post news articles only in an attempt to educate. Not to make their decisions... B/A

You are joking correct? These are from his confirmation hearing... You need stop being an ostrich and take you head out of the sand. B/A

Yes, he was tough and he was a true champion of the working class.... Great example of a true American... Thanks for reminding us of what we should aspire to as leaders. B/A

Sorry, but Iraq said it not me.... I think it is pure political positioning on their part. But the point is, if we leave by whoever's choice, that great guy Putin will be happy to pay his way in. Even Trump's generals are saying don't trust him, but I guess Trump and his supports like you know better... Good luck with that. If you think world leaders obey, you are delusional. Trump may of never had a boss or equal in his little business world, but on the world stage, he has many contemporaries. You may think he is King, or Emperor, but he is not. If you think we don't need allies you are making a critical mistake. B/A

Here is some more fake, Kommie news about one of our new government leaders.... But he is a Trumpster so he will put Trump supporters first. Didn't our new Treasury Secretary, Goldman Sach's Stevie forget to disclose $100 million in assets ahead of his Senate confirmation hearing? Omitted the fact that he once led an offshore investment fund based in the Cayman Islands, a well-known tax haven? Headed One West, the bank foreclosed on more than 36,000 homeowners during Mnuchin's tenure — including, famously, a 90-year-old woman who made a 27-cent payment error? B/A

Yup it's been tried.... I would think a business man would get it, don't you? In March 2002, President George W. Bush imposed a 30% tariff on Chinese steel. The results were chaotic. In a report put out by Consuming Industries Trade Action Coalition in February of that year, the coalition found the tariffs against China boosted the overall prices of steel and cost the U.S. 200,000 jobs in businesses that buy steel, representing $4 billion. In another recent situation, in September 2009, President Obama imposed a three-year tariff on car tires from China. Chinese imports went down, but the tires were simply sourced from other countries, the LA Times noted. According to the Peterson Institute for International Economics, 1,200 tire jobs were saved in the U.S., but through costs passed along to American consumers, 2,500 jobs were lost indirectly. In Bush’s case, seven months after the tariffs were imposed more American jobs had been lost than Americans employed by domestic steel producers. Writing about the trickling effect of trying to help a certain domestic industry, CITAC noted: “In making policy for the revitalization of manufacturing, including the steel industry, our conclusions suggest that the effects across the full industrial spectrum should be considered.” It is not clear if this full industrial spectrum has been considered by the Trump administration, which said it was considering implementing a 20% tariff on goods imported to the US from Mexico—a move that would require the US leaving NAFTA. “By doing it that way we can do $10 billion a year and easily pay for the wall just through that mechanism alone,” Trump Press Secretary Sean Spicer said Thursday. In Trump’s view, the wall will pay for itself by ultimately saving money the US would spend on finding and deporting undocumented immigrants. “I think we are going to save additional money that we would have had to spend on tracking down illegal immigrants and on immigration. So it’s actually a huge win for the American taxpayer,” Spicer said. Numerous studies show this would not alleviate those costs. As a series of studies from economists like Giovanni Peri, a researcher at U.C. Davis, indicate, these workers take undesirable jobs Americans don’t want, and allow Americans to take jobs with higher skill levels and complexity. As a Wisconsin farmer told Politico of the Mexicans who milk cows, “the white boys won’t do that kind of work.” In the 2000s, immigrant work caused no increases in the poverty rate in any state. Barclay’s, which performed an analysis on the 20% tariff option, found core inflation rates could go up a full percentage point per year, and a GDP growth reduction of up to 1.5 percentage points. The analysis also pointed to the potential for similar issues faced by Japan after it implemented a VAT in 2014 and saw GDP decline of 4 percentage points. Trump may increasingly find himself between a rock and a hard place. Either he focuses on paying for one of his signature campaign issues, a widely unpopular border wall that will cost $120 per person—most Texans don’t support it, only 26% think it’s important, according to Gallup—or make policy for the “revitalization of manufacturing” that considers “effects across the full industrial spectrum,” as CITAC recommended, and keeps prices down for consumers. If the 20% tariffs are implemented, those prices will likely get passed to ordinary Americans, sending them the bill for the wall, not Mexico.

Two things, first the story above about people going to different countries to come to America seems obvious. I'm sure the ones who are determined to do harm will finds ways to get here. The honest people are the ones who will be stopped. The psychos will find a way. Second, if Iraq kicks us out, who do you think will rush in? Our new buddy Putin will be happy to get the oil. It's called diplomacy and if we cut our selves off from the world stage, the rest of the world will keep moving. Isolationist sounds good, but the rest of the world isn't going sit around waiting on US. B/A