The Bad CHOICE Act – Dodd-Frank Alternative

The Bad CHOICE Act

posted by Adam Levitin

ADAM LEVITINI’m testifying before House Financial Services tomorrow regarding the “CHOICE Act,” the Republican Dodd-Frank alternative.  My testimony is here.  It’s lengthy, but it doesn’t even cover everything in the CHOICE Act–there are just too many bad provisions, starting with the idea of letting megabanks out of Dodd-Frank’s heightened prudential standards in exchange for more capital, then moving on to a total gutting of consumer financial protection, and ending with a very poorly conceived good bank/bad bank resolution system executed through a new bankruptcy subchapter.  The only good thing about the Bad CHOICE Act is that it has little chance of becoming law any time soon. 

Reblogged from Credit Slips – Read More HERE.

Excerpt: “The CHOICE Act also has numerous provisions that make it difficult for the SEC to pursue enforcement actions and achieve meaningful relief. These provisions reduce the SEC’s deterrence ability and thereby embolden financial fraudsters whose malfeasance can reverberate throughout the financial system. Among other provisions, the CHOICE Act:

  • requires the SEC to make additional findings before levying civil monetary penalties against issuers.24 Thus, while the CHOICE Act increases financial fraud penalties with the one hand,25 with the other it ensures that those penalties will rarely be imposed.
  • repeals the SEC’s authority to issue officer and director bans.26 This means that even the worst fraudsters will continue to be able to participate in securities markets.
  • eliminates automatic bad actor disqualification from securities law exemptions even for firms that have been convicted of felonies. Apparently a convicted felon cannot be trusted with the right to vote, but can be trusted with pension funds and retirees’ savings. [CHOICE Act § 419]”
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Bernie releases incredible ad featuring Tulsi Gabbard

We are so proud of of our Hawaii Congressional Representative Tulsi Gabbard. This commercial reaches the depth of our souls.

Bernie Sanders is the only candidate addressing Wall Street issues head on.

Thank you Tulsi Gabbard. This commercial gave us “chicken skin” – (she’ll understand).

VOTE tomorrow Hawaii. 1 pm. Be there! Okay, yeah?

The Veneer of Justice in a Kingdom of Crime

The criminal global banking cartel has effected a coup d’etat in the U.S. This is why the same criminal financial elite that saw 1000 of its members go to prison 20 years ago (after the S&L crisis) is now above the law.  Part 1 of 4.

To date, the question of why the U.S. Department of Justice has failed to prosecute even one too-big-to-fail bank for the pervasive criminal frauds that drove the multi-trillion-dollar economic meltdown of 2008 has been answered pretty much with shrugs.

Please share – Knowledge is Power!

An ‘Extremist’ in the United States

An Excellent Re-post from Nation of Change.

RobertJensenI am a mild-mannered (a polite term for “boring”) white Christian man, born and raised in North Dakota, a U.S. state known for being mild-mannered. I teach university courses on freedom of expression and the role of journalism in a democratic society, concepts I take seriously. I also take seriously my obligation as a citizen to participate in conversations about public policy, but I avoid shouting. And I don’t own any weapons.

But beware—I am an extremist.

I am not extreme in the way that U.S. politicians and pundits typically throw the term around these days. I don’t advocate violence to establish a theocracy (whether Christian, Continue reading

Our democracy no longer represents the people. Here’s how we fix it.

Harvard Professor Lawrence Lessig makes the case that our democracy has become corrupt with money, leading to inequality that means only 0.02% of the United States population actually determines who’s in power. Lessig says that this fundamental breakdown of the democratic system must be fixed before we will ever be able to address major challenges like climate change, social security, and student debt. This is not the most important problem, it’s just the first problem.
Continue reading

Maui County Hawaii Leads America in Regulating Corporate Power

A step closer to getting big money out of politics
Viewpoint

November 3, 2015
By ARIANNA FEINBERG (ariannafeinberg@gmail.com)

50005340-10542-001_VictorinoThank you, Maui County Council, under the leadership of Policy and Intergovernmental Affairs Committee Chairman Mike Victorino, for passing Resolution 15-124 “Requesting Maui County’s Congressional Delegation to Support an Amendment to the

United States Constitution to Permit Congress and the States to Regulate the Influence of Corporate Power on the Political System.”

This resolution shows our County Council’s support of overturning the Citizens United vs. Federal Election Commission Supreme Court decision, which made it legal for corporations and other special interests to spend unlimited amounts of money to influence elections, as long as they are “uncoordinated” with candidates. Continue reading

The Big Short Trailer (2015) ‐ Paramount Pictures

Send the judges, state courts, appellate & Supreme Court Justices tickets to the movie!

Our first book read cover to cover and it exposes everything… not fiction! This is the real thing. If the movie is anything like the book – suggest your entire neighborhood see this flick so they’ll  begin to understand just why the economy has not recovered. Continue reading

You’d be surprised who the outside agitators in Baltimore really are

You’d be surprised who the outside agitators in Baltimore really are.

Interesting article. This propensity for violence unfortunately will not just be contained and directed at blacks if there is overall social unrest with the collapse of the dollar.

“While the Baltimore Police Department recruits its manpower outside city limits, its leadership is regularly junketed to training tours in Israel, the occupying power whose hyper-militarized settlers act as some of the Middle East’s most aggressive outside agitators. In September 2009, members of the Baltimore PD “toured [Israel] and met with their Israeli counterparts to exchange information relating to best practices and recent advancements in security and counterterrorism,” according to the trip’s sponsor, Israel tour organized by the neoconservative Jewish Institute for National Security saw members of the Baltimore PD “begin the process of sharing ‘lessons learned’ in Israel with their law enforcement colleagues in the United States.””

And why do we need Middle Eastern military techniques for our local police departments? The Middle Eastern wars are land based issues. They have been fighting for thousands of years about who has rights to LAND!