Where does American financial freedom begin? It begins with all of us working together
to keep this country the best country in the world. It will take some time, but I
believe that with diligence and dedication this country could be financially free. No
more trillions of dollars of debt.
American financial freedom can come, in part, in the form of new legislation called the
Restoring American Financial Stability Act of 2010. This piece of legislation is an in
depth proposition leveling new regulations on banks and other financial institutions
along with a council to oversee them.
What this new Act does is amend a few older Acts that have become obsolete and puts new
language into them. The Investment Advisors Act of 1940 now includes regulations for
hedge fund advisors, as well.
The Bank Holding Company Act of 1956 has also been amended to include that all banks
and large financial institutions are required to report not only all of their earnings
but any and all regulated subsidies, too.
The Financial Stability Oversight Council has been created to monitor the banking
institutions and identify risks and assist in outlining and initiating the regulations
of the financial industry. In addition, the Restoring American Financial Stability Act
of 2010 gives more power to the Securities and Exchange Commission by allowing the
creation of rules for over-the-counter derivatives and the market it thrives in.
The original proposition of the new Act was by Sen. Christopher Dodd of Connecticut on
April 15th, 2010. The Senate Committee on Banking, Housing, and Urban Affairs Passed
the Act with 434 suggested amendments.
Any new Acts or legislation would be a good thing to have in place to eliminate the
possibility of the current state of affairs from ever happening again. People in this
country need to demand that changes be made and if those changes have to start with
voting out the incumbents that have held their offices for decades, then that is where
we need to start.
This country has been in trouble or headed for trouble for a long time. I think we have
now reached the point of no return. If the changes are not made and the people who are
in power are allowed to stay in power eventually there will be no hope and this country
will cease to exist as we know it.
American financial freedom should be one of our main concerns. There are enough taxes
being paid by every hard-working American to be able to afford everything we need to
afford and pay down our debt. If there isn’t then something has got to give. The
powers that be have gone to the well one too many times and we can no longer afford to
pay all the taxes we pay.
This country needs to be run like a business and like any business if they spend more
than they bring in, go out of business. We the people can no longer “bail” everyone out
of the financial mess that they have created by themselves. Let’s all do what we can to
keep this country great.
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