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The Dodd-Frank Solution to a Drowning Economy? A Cement Life Preserver

Posted on July 14 2010 1:00 pm

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Nowhere but Washington would the same control-freak clowns that pushed the economy down a well be put in charge of its rescue. But here we are, treading water and looking upward in horror as Barney Frank (D-MA), Chris Dodd (D-CT), and Maxine Waters (D-CA) dangle our supposed salvation: a cement life preserver filled with the same bureaucratic power grabs and social engineering that pushed the economy over the edge in the first place.

The Dodd-Frank Financial Reform bill – which is as good as law thanks to a couple of senate RINOs – will, among other things, unleash an army of bureaucrats to breathe down the necks of bankers and make sure they prioritize race and gender over financial expertise during the long arduous recovery from previous onslaughts of government meddling.

Diana Furchtgott-Roth with Real Clear Markets writes:

In addition to this bill’s well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. This has had no coverage by the news media and has large implications.

The Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Fed, the National Credit Union Administration, the Comptroller of the Currency, the Securities and Exchange Commission, the new Consumer Financial Protection Bureau…all would get their own Office of Minority and Women Inclusion.

Each office would have its own director and staff to develop policies promoting equal employment opportunities and racial, ethnic, and gender diversity of not just the agency’s workforce, but also the workforces of its contractors and sub-contractors. […]

Lest there be any narrow interpretation of Congress’s intent, either by agencies or eventually by the courts, the bill specifies that the “fair” employment test shall apply to “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants and providers of legal services.” That last would appear to rope in law firms working for financial entities. […]

If the director decides that a contractor has not made a good-faith effort to include women and minorities in its workforce, he is required to contact the agency administrator and recommend that the contractor be terminated.

The racial quotas are a gift from Waters, everybody’s bossy big sister who once famously said those concerned about the pre-meltdown health of Fannie Mae and Freddie Mac were “trying to fix something that wasn’t broke.”

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