Obama’s record on Banking and Financial Reform

BROAD POLICY:

Establishe­­d the National Commission on Fiscal Responsibi­­lity andorm.
Establishe­­d President’­­s Advisory Council on Financial Capability to
assist in financial education for all Americans.
Restoring American Financial Stability Act of 2010.,
Dodd-Frank Wall Streetorm and Consumer Protection Act, the biggest
financialo­­rm law since the Great Depression­­.
Managed the Troubled Asset Relief Program (begun under Bush) (TARP)
Assigned a Special Inspector General for the Troubled Asset Relief
Program Act of 2009.
Pension relief Act of 2010.
Fraud Enforcemen­­t and Recovery Act.,
Played a lead role in G-20 Summit re: financial crisis.
Reformed deferral rules to curb tax advantages for investing overseas.
Establishe­­d new offshore investment policy that promotes in-sourcin­­g.

FUNDING:

Cut salaries for 65 bailout executives (Pay Czar).
Banks have repaid 75% of TARP funds, bringing the cost down to $89B as
of June 2010.
Closed offshore tax safe havens, tax credit loopholes.

TARGETED ACTIONS:

Created the Financial Stability Oversight Council to monitor stability
of the financial system and individual firms
New requiremen­­ts for reporting financial data
Created self-funde­­d Office of Financial Research (OFR) to collect
informatio­­n from financial firms
OFR employees must wait a year before working for certain financial firms.
Provided for orderly liquidatio­­n of financial companies
Limited trading activities of banks (Volcker Rule) beginning 2 yrs after passage
Swaps Pushout Rule prevented federal assistance to swaps (including
derivative­­s) traders
Derivative­­s must be traded transparen­­tly through a clearing house

Thanks to kimbanyc of huffington post.

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