Financial Regulatory Reform Act (Law'd)

[Fritz]

From last sessions thread:

Thank you for doing this, Yankee.  This is much clearer.

Overall, good work.  Badger had raised some concerns regarding section 3 that still need to be addressed.  He ascertains that you have the right ideas, but your numbers are off.  I am certainly in no position to determine what the numbers should be.  The GM's response was not helpful, either.  I believe we need to determine specifically what amendments to make to section 3 before moving forward.  Badger, you out there?

I would also like to hear a response from Hans regarding section 6.

I am. FWIW from a mere Senator-elect:

The 10-1 cash to loan ratio proposed isn't as vast a change from current law as I thought; NCY pointed out the standard leveraging limit was recently as low as 13-1, whereas I'd (mis)recalled it being higher. Still, that's a huge drop. A bank with a million in assest could previously extend $13 million in loans and credit, but now is limited to $10 million they can loan. While I agree the standards need tightened, I don't believe a near 25% reduction in available credit is what the economy needs now.

I know my vote probably isn't needed on this proposal as it'll likely be passed or defeated before my swearing in, but is there some room for compromise on these numbers NCY?

RE: Section 5, in what specific ways is the proposed consumer protection agency more limited than the real life proposal? Just as importantly, why?

I would also like to hear from Franzl on Section 6 and review the original law before stating an opinion.

I don't believe these questions were ever resolved.

[Fritz]

Okay, thanks for that explanation.

Senator Hans, could you please comment on section 6?  I believe your work is being un-done here.

[Fritz]

Please stop trolling in official Senate business threads.

Despite repeated requests, we never heard from Senator Hans regarding section 6.  Oh well......

AYE

[Fritz]

If you have something to add to a debate, you are most welcome in here.  If you are merely trolling, please go back to the Elections board (or ANY other board) and do it there.  Sheeesh, I thought we were done with this when Hamilton left.