Financial Reform Will Become Law, So What's in the Bill?

notice there is no regulation on pay day loans.To thin they went after Capone for charging 6%.Pay day loans can add up to over %1000

Vote anybody in office now ....out ifyou can.

Don't like DEMS then vote in a new REP..But whoever is in now OUT

Unfortunately, as some have said, if you don't really understand how things work and have to work, you think a lot of this is good news for the consumer. It is not. More government interferance is not what is needed - in any areas ! Fannie and Freddie were exempted from this so called reform as well as the rating agencies that were the most to blame for the problems we had. Anyone in the business knows this. There is also National licensing required now for loan originators which in itself is a good thing, but guess what ? Anyone that works for a bank is exempt ! As a small business owner and small mortgage broker who has always tried to do the right thing, I know that the problems were not only with mortgage brokers but with the banks and their own employees. Bank of America and Wells Fargo are two of the worst. But they don't have to play by the rules. AND, the new high net worth requirements imposed are only going to affect the smalll lender, the community bank, the credit union. NOT Bank of America, that is for sure. Again, the little guy gets squeezed out and the big dogs have all the cards. It is so sad. I wish more people knew what is really going on. One day you will see that all we will be left with is one or two major banks with all the money and your only choice if you don't qualify for them will be Obama's public housing - which is being built as we speak. So that you will have to depend on the government for everything - that is the goal in the end. Wake up people, and start to take notice.

I'm not sure we know enough about how this legislation is going to impact small business which this country solely needs to start creating jobs. If additional regulatory burdens are also put on them, they will be less jobs down the road.

SOUNDS GOOD HOPE THE REPUBLICANS DON'T GET INTO OFFICE AND SHOOT EVERYTHING DOWN
PEOPLE NEED TO LEARN TO BE MORE CAREFUL AND NOT PURCHASE THINGS BEYOND THEIR MEANS I AM 75 YEARS OLD AND REMEMBER WHEN MONEY WAS TIGHT, I REMEMBER WHEN MY DAD WANTED TO PURCHASE THE HOIME WE LIVED IN IN 1944 AND THEY WANTED $10,000 DOLLARS AND HE DIDN'T TAKE IT BECAUSE HE ONLY HAD $6,000 SO HE BOUGHT A CHEAPER HOUSE AND FIXED IT UP AND ENLARGED IT BOTH HOUSES ARE STILL BEING USED AND ARE NOW WORTH ALOT OF MONEY

Wall Street bribes, whitewashed as campaign contributions these days, made sure that reform did not touch short-selling or, more importantly, the short-sellers who exploit "practices like those that led to the 2008 crash". Their focus will simply shift elsewhere, and markets will crash again.

As they say, the devil is in the details (and with 2000+pages, I'm sure there will be many, courtesy of unelected lobbyists and unread bills being passed). New regulations may make getting a loan harder (bank must have more capital against debts)for example. New rules have consequences and many (I thought I read where car dealers got an exemption) special interests will find a way out. In the end, we move further away from the democratic republic run by the people where they and the States have more to say than the feds. The 10 man council that will decide when and who is no longer fit to be in business - where is there any oversight of them or balance of power between the executive and the other two branches?

Of course they have to make it 2500 pages, that's the whole idea, so that nobody reads it, have any of you read the healthcare reform bill in its entirety? I'm asking because i haven't.

The more they regulate financial institutions, the more they will pass that onto us. ex. require any med size company to provide health insurance to their employees, they will, because they're obligated to, but instead of providing 100 people with insurance, they will let go 50 of them to compensate the ins cost and make the other 50 double their productivity, because in the end, anyone can lose, but the company. So what you have now, a company that should be ran by 100 employees being operated by only 50, who have to work twice as much, making the same money, and obligated to spend some more in an insurance policy. So 50 more people will be applying for Unemployment.

There is a nugget of truth in each entry, however, I agree most with Frank's Family. Greed is the culprit and Capitalism is the fuel for the fire. When it gets out of hand as this recession demonstrated as well as back in the early 30's, somebody or some entity has to step in and correct the situation. We the People have chosen the government to do that. They have done it. Perfect? No. Another genius or group dynamic will come along and punch holes into this bill and we will have another recession and another government bill to correct it. That is the way of a money system. As I have told my children, now grown, when there is a money problem, always look for the bottom line or the dollar sign. There you will find the problem to solve.

Amazing!! The very ones who initiated the financial crisis (Dodd and Frank) are leading the charge to 'fix' the problems that they created. How ironic, and how typical of this ever-more-corrupt government. Do you want solutions? Then get some people involve who know finance. The Federal reserve must be audited, not put in charge of anything. Fannie and Freddie should NOT be exempt from this new bill. The whole thing is a farce. Get the foxes out of the henhouse; and quit putting them in charge.