The Dodd Financial Bill: Thursday on the Jim Vicevich Show

Your calls plus … David John from The Heritage Foundation. John is the Senior Research Fellow in Retirement Security and Financial Markets. Listen here tomorrow.

David John is one of five experts who “exert more influence” on the Social Security debate than anyone else in Washington – and he is The Heritage Foundation’s lead analyst on issues relating to pensions, financial markets and institutions, banking regulation, asset building, and Social Security reform.

Join us as we get to the bottom of the “Dodd Bill” that would regulate financial institutions and hand more power to the White House to determine just who is too big to fail. Here’s what John has written.

There are many valid reasons to be angry with bankers, and supporters of Senator Chris Dodd’s (D-CT) latest rewrite of his financial regulatory bill, the Restoring American Financial Stability Act, have mentioned them all. Americans have heard all about greedy bankers, huge bonuses, shady accounting practices, and outright greed. But the reason for this rhetoric is nothing less than an attempt to seize control of the financial services industry and to micromanage it.

Republicans are pushing back but Democrats are pushing hard for the “Restoring American Financial Stability Act”.

Obama, speaking briefly to reporters before the closed meeting began, said he was “absolutely confident that the bill that emerges is going to be a bill that prevents bailouts. That’s the goal.”

Treasury Secretary Timothy Geithner later said that the cost of taking down large failing financial institutions will be borne by big banks, not taxpayers. The House and Senate bills call for funds, financed by large financial institutions, to cover the costs of liquidating firms deemed too large to go through bankruptcy proceedings.

Get the real story tomorrow morning at 11am.

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Jim Vicevich

Jim is a veteran broadcaster and conservative/libertarian blogger with more than 25 years experience in TV and radio. Jim's was the long-term host of The Jim Vicevich Show on WTIC 1080 in Hartford from 2004 through 2019. Prior to radio, Jim worked as a business and financial reporter for NBC30 - the NBC owned TV station in Hartford - and as business editor at WFSB-TV in Hartford for 14 years while earning six Emmy nominations and three Telly Awards.

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