Topic: Wall Street Reform

The Wall Street Reform Act is criticized for containing language that exempts the SEC from public disclosure requirements under the Freedom of Information Act (FOIA). Furthermore, the hosts point out sections of the bill that mention the oversight of carbon markets and derivatives. They note that the Chicago Carbon Exchange is now listed as a commodity on the Bloomberg iPhone app, signaling the institutionalization of carbon trading.

President Obama signed the Wall Street Reform and Consumer Protection Act, which the hosts characterize as the Federal Reserve Empowerment Act. The legislation grants Ben Bernanke and the Federal Reserve significant new powers over the financial system. The discussion also touches on diversity mandates for bank boards and the refusal of smaller banks to accept TARP funds.

The Dodd-Frank Wall Street Reform bill is moving toward a final vote, a move critics argue will significantly empower the private Federal Reserve. The legislation is being framed as consumer protection regarding credit card fees, but it primarily grants the Fed oversight of private banks. The timing of the bill's passage is noted for occurring while the public is distracted by celebrity news involving Mel Gibson.

President Barack Obama announces the passage of significant financial reforms aimed at Wall Street and the banking sector. The legislation empowers the Federal Reserve to provide oversight, addresses the $600 trillion derivatives market, and establishes the Volcker Rule to prevent risky trades by FDIC-protected banks.

President Obama's weekly address regarding the Financial Reform Act is characterized as a power grab for the Federal Reserve. The hosts argue that the bill empowers the same bankers who caused the recession to oversee themselves, rather than providing the consumer protections the President claims.

An analysis of the Wall Street Journal op-ed by Mark Mix suggests that Section 225A of health care bill HR 3200 grants Secretary Kathleen Sebelius the authority to regulate health care workers. This provision could potentially force hundreds of thousands of doctors and nurses into unions, explaining the strong support for the bill from the SEIU.

Political figures are criticized for using "double talk" to avoid answering whether citizens can keep their existing insurance plans under new reforms. The healthcare sector represents nearly one-fifth of the U.S. economy, leading to claims that the system is controlled by Wall Street and pharmaceutical lobbyists. The discussion suggests the current reform efforts are more about financial payoffs than actual patient care.