Quotas in Finance Reform Bill Will Cost Taxpayers Millions

July 28, 2010 — bunkerville

So Olympia Snowe now says she was blind sided, and didn’t know this was in it. This was floating out in the Blogosphere for some time. She does not have anyone in her office, or for that matter, no Senators have anyone who could study this thing?   November cannot come soon enough.  Hot Air had a story on July 8 – Racial and Gender Quotas in Finance Bill  Read Here

Section 342 of the bill calls for an “Office of Minority and Women Inclusion” to be established in each of 29 federal bureaus and offices.

The regulations appear to go beyond ensuring that discrimination in hiring decisions does not occur. Instead, they require assurance of “fair inclusion.” Furchtgott-Roth says it will pressure companies to find and hire minorities even if one hasn’t applied for a specific job.

The bill’s affirmative action provisions — some suggest they are de facto quotas — would apply not only to the 29 federal agencies but also to all “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” who do business with them.

Moreover, the law also applies to those firms’ sub-contractors “as applicable.”

Furchtgott-Roth says that means financial firms seeking to do business with the government will have to verify the racial and gender composition of their subcontractors — including office-cleaning crews, paper-shredding vendors, office-party catering firms — if they want to do business with the government.

Each Office of Minority of Women Inclusion will have an executive-level director, and support personnel, who will set standards to increase “participation of minority-owned and women-owned businesses in the programs and contract of the agency.”

Each office director is required to recommend the termination of any contractor who refuses to show good faith in efforts to comply with the Section 342 standards.

Among the federal agencies affected:

  • The 10 offices of the Department of the Treasury.
  • The Federal Deposit Insurance Corp.
  • The Federal Housing Finance Agency
  • Each of the 12 Federal Reserve regional banks
  • The Federal Research Board
  • The National Credit Union Administration
  • The Office of Comptroller of the Currency
  • The Securities and Exchange Commission
  • The newly established Consumer Financial Protection Bureau

Read More Here at Newsmax

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Dodd: Finance Reform – “No one knows how it will actually work”

June 25, 2010 — bunkerville

This is about enough of all I need to know about this new monstrosity that the Dems are about to dump on us. What good thing is done in the dark of the night? How much thought could possibly go into this bill and the consequences thereof? Knock youself out and read the Washington Post piece. I have had enough of it.  November, please come soon.

“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.” Right, never let a crisis pass you by.

Read the sorry tale here at the Washington Post

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Banking Reform Bill – Let’s guess what is in it!

May 21, 2010 — bunkerville

Here is a link to the House Bill previously passed with good info: http://www.opencongress.org/bill/111-h4173/show After scouring the internet to find out what just passed cloture in the so called Senate  Banking/Finance Reform bill, and finding nothing of substance, I can only assume no one has a clue about what is really in it and how it would really work. As our Nancy would say, “you have to pass the bill to know what’s in it”. I caught this blurb from Barrons. Yep, 320 amendments…. I think I have it. On the Bill Bennett radio program, Rick Santorum went through some of the Draconian concepts that were supposedly in it, insuring the government takeover of our universe. Stay tuned……at least Barney Frank and Chris Dodd are happy.The two who were  influential in getting us in this mess. Scott Brown…a dissapointment in voting yea,

With over 320 amendments currently attached to the bill, and significant new provisions added daily, the overhang on the U.S. banks sector will likely be considerable until final resolution of the bill. Our expectation is that a final bill will emerge prior to the summer recess. http://online.barrons.com/article/SB127430947538993991.html?mod=BOL_hpp_oe

Here is a link to our previous post regarding the House version that passed in December– Acorn still at the table? https://bunkerville.wordpress.com/2009/12/07/wall-street-reform-and-consumer-protection-act-2009/

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