This Friday Senate Bill 3217, also known as the Restoring American Financial Stability Act of 2010, introduced by Democrat Senator Chris Dodd of Connecticut, is scheduled to hit the floor of the US Senate where it must wait 72 hours before it comes up for a full vote. CLICK HERE to read the actual 1,421 page bill.
In short it grants permanent, unlimited bailout authority to the Federal Reserve. It’s like TARP forever without the nasty, unpopular debates and votes in Congress. Beyond that it gives the Fed the power to takeover vaguely defined “nonbank financial companies”. And the Fed has the power to decide what constitutes a “nonbank financial company” on a case by case basis.
Please contact your Senators to vote against Senate Bill 3217.
Mark Warner, phone 202-224-2023, Fax 202-224-6295 and email www.warner.senate.gov/public/index.cfm?p=Contact
Jim Webb phone 202-224-4024, Fax 202-228-6363, Danville office phone 434-792-0976, Fax 434-972-0960 and email www.webb.senate.gov/contact.cfm
Capital switchboard 202-224-3121