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Wednesday, April 28, 2010

Republicans Financial Overhaul Plan

The Wall Street Journal produces the key elements to the Republican's financial overhaul proposal.

They list eight separate elements, so go read it all, below is a couple I found important:

2) FED: Would create a presidentially appointed director of supervision and regulation at the Federal Reserve, who would have to be confirmed by the Senate. The Republican proposal also has strict limits on the Fed’s ability to provide emergency lending, among other things.

7) GSEs: Creates a special inspector general within the Treasury to investigate and report to Congress on the conservatorships of Fannie Mae and Freddie Mac. The Republican plan would create federal funding limits and mandatory portfolio reductions for the companies. It will also restrict the amount of money the government can advance the firms.

Helping to control the governments overuse of bailouts should be in there and I am glad it is, although until we see the whole proposal we can't be sure if that would only apply to those specific companies or others as well.

Read the whole thing.

A question to ponder while browsing around would be whether Democrats, who are described by Senator Chuck Grassley as people who claim to want "bipartisanship" yet define bipartisanship as "one Republican and 59 Democrats," will consider the Republican proposal, tweak their own to include the GOP's ideas or if Harry Reid will continue to further alienate all Republicans with his tactics and bullying.

Even Reid admits those tactics are getting him "nowhere", yet he continues.

Doing the same thing over and over and expecting a different outcome..... delusional.