In short it grants permanent, unlimited bailout authority to the Federal Reserve.
It's like TARP forever without the nasty, unpopular debates and votes in Congress. Beyond that, it gives the Fed the power to takeover vaguely defined "nonbank financial companies", and the Fed has the power to decide what constitutes a "nonbank financial company" on a case by case basis. They will decide who is too big to fail - who is too small to be big.. etc. etc. etc.
It provides for seizure of private property without meaningful judicial review (section 203(b))
Fannie and Freddie are not being regulated.
Please read about the 14 Fatal Flaws of this bill
This is NOT financial reform - this is another huge government power grab courtesy of "Countrywide Sweetheart Deal Recipient (AKA Friend of Angelo)" Sen. Chris Dodd.
On top of that... Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit... (↑ Please read the link above ↑ )
From the Huffington Post:
The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.THIS BILL MUST BE STOPPED!
"The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn't do anything of the sort. I'm going to run down the details for you, and reprint the legislative language so you can read it yourself," writes Rep. Alan Grayson (D-Fla.).
Senator Reid filed for cloture on Friday of Senate Bill 3217, also known as the Restoring American Financial Stability Act of 2010. There is a 72 hour window from the time cloture is filed until the time cloture on a bill may be voted. Cloture must receive 60 votes to keep the bill moving in the Senate for amendments and for the final vote on the bill. If cloture fails, the bill is stalled if and until the Senate can produce 60 votes in favor of cloture. This bill must be stopped.
1.) Please contact your own Senators first and voice your opposition to this bill. If possible, physically go in person to the local home offices of your two Senators and speak to someone there who will take note of your opinion and pass it on. If you're not able to go in person, please call, email, and fax the offices of both Senators from your state. (Find Your Senators by State on the Senate Website)
2.) Call, email, and fax these 8 Republican Senators who are not yet 100% opposed to this bill:
Bob Bennett of Utah (202) 224-5444
Susan Collins of Maine (202) 224-2523
Christopher Bond of Missouri (202) 224-5721
Saxby Chambliss of Georgia (202) 224-3521
Bob Corker of Tennessee (202) 224-3344
John McCain of Arizona (202) 224-2235
Olympia Snowe of Maine (202) 224-5344
Scott Brown of Massachusetts (202) 224-4543
This bill MUST not pass.
This is NOT reform - this is more TARP legislation... more power to the government and another blow to consumers and the economy.