Author Topic: Where's the money?? Legislation slipping under the radar while we're distracted  (Read 1415 times)

Poundwise

  • Handlebar Stache
  • *****
  • Posts: 2076
I thought I'd start a thread that deals with some of the sleight of hand that has been taking place while our eyes follow the executive's outrageous tweets and flashy, provoking attacks on immigration.

For instance,  I posted in the giant "What are the realistic implications..." thread about how the Cardin-Lugar anti-corruption rule was killed last week before it had a chance to take effect.

Here's more info about it:
Quote
Among the numerous concerns addressed by 2010’s Dodd-Frank financial reform bill was the so-called “resource curse,” whereby mineral or fossil fuel-rich countries are unable to transform their wealth into economic growth and development, often falling victim to corruption and poor governance. The final bill included a measure, co-sponsored by Senators Ben Cardin and Richard Lugar, requiring that all oil, gas, and mineral companies on the U.S. stock exchange disclose any payments they make to foreign governments for licenses or permits for development. It aimed to curb bribery and give poor countries rich in resources a chance to hold their governments and resource-extraction companies accountable. After years of delay, on June 27, 2016, the Securities Exchange Commission published a final version of the rule that enforces Cardin-Lugar. It was set to go into effect in 2018.
https://www.theatlantic.com/international/archive/2017/02/exxon-mobil-tillerson-state-corruption-russia-sec/515244/

- Other Dodd Frank regulations are under attack:
http://money.cnn.com/2017/02/03/investing/dodd-frank-executive-order-wall-street/

What else is going on?


Unique User

  • Pencil Stache
  • ****
  • Posts: 718
  • Location: NC
I have two sites bookmarked.  The first one lists all the bills and where they are in the process.  Some interesting ones in the Hot Bills section, terminate the EPA, let residents of concealed carry states, carry concealed in non-concealed carry states, ramp up drilling in National Parks, etc.  Your basic destroy the country bills. 

https://www.govtrack.us/congress/bills/#docket

After a bill passes or does not pass, this one tracks how each member of Congress voted on the bill. 

https://projects.fivethirtyeight.com/congress-trump-score/votes/?ex_cid=story-twitter

Besides that I think the CFPB is under attack and the fiduciary requirement was just eliminated. 

MonkeyJenga

  • Walrus Stache
  • *******
  • Posts: 8894
  • Location: the woods
There's a group, Represent.Us, that gets local (and eventually state- and nation-wide) Anti-Corruption Laws passed.

You can check them out here: https://represent.us/

And sign up to help their efforts in a local chapter here: http://volunteer.represent.us/

Poundwise, I know you're in NYC. The next meeting is early in March. You should come!

Poundwise

  • Handlebar Stache
  • *****
  • Posts: 2076
Thanks for the tip, MonkeyJenga!  I'll look into them.  Somehow the corruption gets me really steamed-- insult to injury, and the realization that the rest of us getting screwed is just a pleasant side effect to Trump and the robber barons' quest to further enrich themselves.

I'm not actually in NYC any more... takes me about an hour to get to town from the 'burbs.  But I'm sure there will be a local chapter. 

Thank you, Unique User, for the links! Yeah, that fiduciary rule!
http://www.usatoday.com/story/money/2017/02/03/the-fiduciary-rule-pros-and-cons/97461332/
It seems that the main con of interest to consumers is the so-called "guidance gap" that might form if providers of investment advice to low- to middle-income consumers drop out, due to the costs of having to provide advice in their client's best interest, and proving that they did so.

Found a discussion here at Vanguard on the topic.
https://advisors.vanguard.com/VGApp/iip/site/advisor/researchcommentary/article/IWE_VideoDOL6

TBH, the fiduciary rule does not affect me personally but I do bridle at the thought of financial advisors NOT acting in their client's best interest.

P.S. Now reading through the Hot Bills section. Holy smokes!!! What a stinkstorm!
« Last Edit: February 05, 2017, 09:03:00 PM by Poundwise »

 

Wow, a phone plan for fifteen bucks!