Financial Services Regulation Bill (Law'd Wiki'd and Gathering Dust)

[minionofmidas]

Financial Services Regulation Bill

1. The Gramm-Leach-Bliley Act is hereby repealed.


Sponsor: Al

[minionofmidas]

Amendment to replace text with...

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This is essentially what Afleitch proposed in the other thread (which I encourage all Senators to read), except that I'm not sure why he has all these duties with the AG. The former duties of the Secretary of the Treasury, such as there were(n't), were given to the President when the Secretary of the Treasury was abolished. Hence why I changed all the references to the AG over to the President.

[Bacon King]

Yes.

[minionofmidas]

Yes.

I didn't open the vote yet.

[Bacon King]

Yes.

I didn't open the vote yet.

Just stating my support

[Small Business Owner of Any Repute]

I would like to request that the Senate also include in this bill an authorization for the emergency expenditure of $200 billion for the purposes of capitalization through the purchase of preferred shares of select financial companies, as needed.

[Small Business Owner of Any Repute]

And the increase of the FDIC insurance limit from $100k to $250k, if appropriate for inclusion in this bill.

[minionofmidas]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

[afleitch]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

Shouts from the gallery

The bill is designed in such a way that federal government moves to protect savings and savers as opposed to specific financial institutions themselves. It's not a 'bailout' bill.

[minionofmidas]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

Shouts from the gallery

The bill is designed in such a way that federal government moves to protect savings and savers as opposed to specific financial institutions themselves. It's not a 'bailout' bill.

Yes, I know that. As I said, I understand the amendment I introduced.

I don't think it's impossible to have a bailout/guarantee/whatever at the same time, though. Whether I would necessarily vote for one is another matter.

[Small Business Owner of Any Repute]

Fine, I'll introduce the "bailout" in a separate bill, but a boost in FDIC limits probably belongs in this one, no?

[afleitch]

Someone write it up and propose it as an amendment. I'm sufficiently capable to understand what Afleitch's bill does and that I support it, but not capable enough for that.

Shouts from the gallery

The bill is designed in such a way that federal government moves to protect savings and savers as opposed to specific financial institutions themselves. It's not a 'bailout' bill.

Yes, I know that. As I said, I understand the amendment I introduced.

I don't think it's impossible to have a bailout/guarantee/whatever at the same time, though. Whether I would necessarily vote for one is another matter.

Oh I knew that you had got the jist of it It was more in reponse to any possible attempts by others to tack on a rescue plan onto the bill.

Is hauled away by security

[CultureKing]

wait, does Atlasia need a bailout? Clearly we aren't as stupid as the Bush administration. The differences that we have on policy would not lead to the same result.

[Sensei]

wait, does Atlasia need a bailout? Clearly we aren't as stupid as the Bush administration. The differences that we have on policy would not lead to the same result.

true. and we don't need the FDIC increase.

[Torie]

Does FDIC insurance exist in Atlasia? If so, by incorporation by reference, than the laws
attendant thereto are already on the books, and this Bill serves no purpose other than a mischievous one.

[Sensei]

Does FDIC insurance exist in Atlasia? If so, by incorporation by reference, than the laws
attendant thereto are already on the books, and this Bill serves no purpose other than a mischievous one.

I'm under the impression that the FDIC was grandfathered into Atlasian law.

[minionofmidas]

wait, does Atlasia need a bailout? Clearly we aren't as stupid as the Bush administration. The differences that we have on policy would not lead to the same result.

This is a question that we would indeed need a GM for. The Bush administration has nothing to do with it - the banking network has little respect for international boundaries, and several European banks have fallen, or would have fallen on a free market, in the recent crisis. If there are any Atlasian banks beyond the Central Bank (I'm pretty sure we have that. We fantasy print our own currency. There's statute on what it looks like, although it seems no one got around to designing them.) it is perfectly realistic to assume that some of them might be in trouble right now.
As to being as stupid as the Bush administration - sadly, I must surmise that at the time of peak GMmy activity in Atlasia, GMs and Senators were even stupider than the Bush administration, and stupid in much the same ways that the Bush administration is, ie mistaking their own little dumb prejudices for reality. [/End of rant]
So yeah. A bailout bill without details on who and what is being bailed out exactly is unworkable; I came to that conclusion thinking this over early today morning.

FDIC: Yeah. As Sensei said, we have an FDIC, and the same laws on it that the US had four years ago.

[minionofmidas]

The vote is on my amendment. Please vote aye, nay or abstain.

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Aye.

[Filuwaúrdjan]

Aye

[Verily]

Aye

[Bacon King]

aye

[Јas]

Aye

[CultureKing]

aye

[Torie]

I guess its harmless enough, although I don't really know what it accomplishes that is not on the books incorporated by reference now.

Aye

[minionofmidas]

This amenment has passed.

Vote count: Aye 7 (Lewis, Al, Verily, Bacon, Jas, Culture, Torie)
Nay 0
abstain (voted) 0
abstain (did not vote) 3 (Sensei, Dwtl, Meeker)