The financial reform bill passed today, and it is full of provisions that have nothing to do with the financial crisis created by loose mortgage lending practices that were required by Dodd & Frank and company. Instead it caters to unions and other Democrat interest groups.
First, is the measure that will make it easier for unions and other groups that own shares in companies to put their representatives on the board of directors of every corporation in the country. We are talking about union control of every corporation in the country. Is that a huge payback to the unions or not? The unions screwed up the car companies which we bailed out, now they want to screw up all of corporate America.
Second, it imposes costly new burdens on airlines, utilities, and other non-financial businesses that use financial derivatives to hedge against the risks of fluctuating oil prices, interest rates and currencies. This will drive the cost of airline tickets, electricity, and natural gas up. It will also kill the farmer and drive food prices up.
Third, as I posted before, the bill creates more than 20 new “offices of minority and women inclusion” at the Treasury, Federal Reserve, and other government agencies, in order to meet quota hiring rules developed by the new Diversity Czars at each of the agencies. The agencies would also apply the same hiring requirements on all banks and financial institutions that they regulate.
Forth, the new consumer protection agency will provide substantial employment opportunities and funding for Democrat leaning groups, such as ACORN. But remember, they cut all funding off to ACORN. Maybe they can provide other types of counseling, like business start-up advice for prostitutes. And then they can loan them the money to get started.
As Senator Richard Shelby said, rather than focus on the abuses in the mortgage-lending market that led to the crisis, the new consumer agency will have broad-ranging powers to regulate and punish virtually any company that has a financial relationship with consumers.
Also, there are no checks and balances of these new agencies, so it will be up to the agency to determine how far they want to take the implementation of their social justice programs.
The Democrats knew that financial reform legislation or Wall Street reform legislation would pass, so they took the opportunity to pack it with stuff to further their progressive agenda.
One of the job related consequences is that this new bill is expected to drive financial-sector jobs overseas, just like Obamacare is driving healthcare jobs overseas.
The end result with this bill is more government, more government control, less individual freedom, and a drag on our fragile economy.
Dodd and Frank collapsed the housing market, and now they will collapse our entire economy with this bill.
I hope the Tea Party Patriots in Boston are happy with their newly elected Senator, Scott Brown!