Washington (CNNMoney.com) - Congress is expected to finish work this week on the biggest changes to the financial regulatory system since the 1930s – giving regulators a green light to start working on hundreds of new rules that the bill orders up.
Senate Democrats are expected to secure the 60-filibuster-proof votes they need to pass the Wall Street reform bill, sending it to President Obama. It's considered such a done deal that the financial sector has moved on – it's working on influencing new rules regulators will write to carry out reforms.
The bill gives regulators lots of leeway in deciding all sorts of things, from when a risky financial firm should be taken down to how to crack down on debit card swipe fees.
Some regulator decisions could directly impact consumers' wallets. Here are three that consumers should keep an eye on.
As much as the right wingnuts enjoyed paying over $4 a gallon for Bush gasoline to keep the big oil companies with record profits, and while the GOP supported the too big to fail banks with our tax dollars, there needs to be some solid regulations and protections in place. To borrow from Michelle Bachman, it is the republicans that are making us 'slaves' to the interests of Wall Street, big oil, big corporations, and those who make up the wealthiest 2% in America.
The bill gives wide leeway to regulators to enforce the bill's provisions based on their personal preferences. This bill is a trial lawyers Christmas gift, sure to bring in millions in legal fees.
Our incompetent congress and WH at work.
Not reform, since there is no mention of Frannie or Freddie, the culprits in bringing the country and the worlds' economy to its knees. Just another power grab for the Obama administration.
It's amazing how many fillibusters the Democrats have had to get past to get real work done in Washington. Thanks a lot repubs, for showing your true colors. VOTE THEM OUT IN NOVEMBER!!!
I don't disagree that wall st is raping us. But I also think that any reform from the feds equals nothing but higher prices.
These people are way smarter than our government. Thus the American people will pay the difference just like in healthcare
Whats a few more czars in this declining socialist liberal utopia ?
I used to think "Congressionaliberals" were stupid and simply ill informed. But after seeing the radical and dangerous provisions in this bill (and others recently), I'm convinced they're not stupid, but rather hostile and outright dangerous. These dangerous people know exactly what it is they're doing and if calamity ensues, then so bit it.
We have example after example showing why government-mandated wage and price controls simply DO.NOT.WORK. They are a Pandora's box of unintended consequences.
The biggest and best example of them all: wage and price controls instituted in the post WWII era... The result? Employers competing for new and better qualified employees began to offer "special benefits" to newly recruited employees, as a loop hole around wage and price controls... in other words, THIS was when our employer-provided health insurance nightmare began.
It began with businesses finding new and more creative ways to get around stupid government meddling. And today we have a health insurance mess that wouldn't even exist like this if only the government had never gotten involved in the first place.
Government, "Unintended Consequences" is thy name.
No jobs, no improving the economy, let illegal immigrants run wild, yet the libs and the obamatrons can sure tax a bank and the hard working Americans. It is what the inept, incompetent, corrupt, union toady administration and congressional leadership is good at. What sucess will they bash today? Kinda like the Democratic/SEIU controlled NAACP calling the TEA party racist and igoring the DOJ failure to take any action on the Philadelphia/Black Panther voter intimidation case. What a bunch of hypocritical frauds. Can't wait until November.
More Big Government intrusion in free market capitalism. Just watch the stock market tank after Bozo and his Socialist weasels get through with this legislation!