[constantlyabiding] Ok guys.. I was disappointed that Jack Lew did not make any specific comments about our investment. Or did he? After some digging here are some puzzle pieces…I have my theories.. so here we go.
constantlyabiding] Last year CNBC posted an article about Dodd Frank.. some key points from the article;
[constantlyabiding] What does Dodd-Frank do to regulate banks? One of the main goals of the Dodd-Frank act is to have banks subjected to a number of regulations along with the possibility of being broken up if any of them are determined to be “too big to fail.”
[constantlyabiding] To do that, the act created the Financial Stability Oversight Council (FSOC). It looks out for risks that affect the entire financial industry.
[constantlyabiding] The Council is chaired by the Treasury Secretary, and has nine members including the Federal Reserve, the Securities and Exchange Commission and the new Consumer Financial Protection Bureau or CFPA. It also oversees non-bank financial firms like hedge funds
Read More Link on Right
[constantlyabiding] If any of the banks gets too big in the council’s determination, they could be be regulated by the Federal Reserve, which can ask a bank to increase its reserve requirement—the money it has ‘saved up’ and is not using for lending or business costs.
[constantlyabiding] Under Dodd-Frank, banks are also required to have plans for a quick and orderly shutdown in the event that the bank becomes insolvent—or runs out of money.
[constantlyabiding] He also reference the Volker Rule in his comments today…..
[constantlyabiding] The Volcker Rule is part of Dodd-Frank and prohibits banks from owning, investing, or sponsoring hedge funds, private equity funds, or any proprietary trading operations for their own profit.
[Iank1978] End to big to fail, end the fed
[constantlyabiding] To help banks figure out which funds are for their profits and which funds are for customers, the Fed has given banks two years to divest their own funds in get in line with the rule before it’s enforced.
[constantlyabiding] However banks can keep any funds that are less than three percent of revenue.
[constantlyabiding] The Volcker Rule does allow some trading when it’s necessary for the bank to run its business. For example, banks can engage in currency trading to offset their own holdings in a foreign currency.
[constantlyabiding] But the Volcker rule is not in place yet, and some of its rules are still being decided. It is scheduled to go into effect in July 2012. However, regulators say they might not have all the rules in place by then.
[constantlyabiding] Ok.. so at the time this article came out not all the provisions were in place yet..
[constantlyabiding] fast forward to 2013….
[abbababy] constantlyabiding Sounds like Jack Lew was talking Basil III without out right stating it. Unless you are involved in dinar some won’t know what he is talking about. But we do. TY for the input. CNBC cut him off & I did not get to hear the entire speech. Guess I was on the wrong station.
[constantlyabiding] abbababy Good point..
[constantlyabiding] Bloomburgs comments on his remarks this morning…
[constantlyabiding] From Bloomburg: U.S. Treasury Secretary Jacob J. Lew said he is “stepping on the accelerator” to implement the Dodd-Frank Act and warned lawmakers against trying to change the financial rules overhaul.
constantlyabiding] “Members of Congress who want to alter financial reform before it is fully in place should carefully consider implementation efforts that are approaching completion,” Lew said in remarks prepared for the CNBC Institutional Investor Delivering Alpha Conference in New York today.
[SALTYDOG] Here is the link to his speech http://video.cnbc.com/gallery/?play=1&video=3000183620
[constantlyabiding] Lew also warned Congress against depriving financial regulators of funds they need “to meet the significant new responsibilities with which we have charged them.” The cost of good regulation “is tiny compared to the enormous cost of failure,” he said
DELTA » July 17th, 2013, 5:04 am •
URGENT FROM IRAQIA TV:
CBI RECEIVED A LETTER FROM THE WORLD BANK COMMENDS THE REPORT ISSUED BY THE
INTERNATIONAL AUDITING COMPANY.
FAMILY: AUDITING IS DONE .. THE WORLD BANK IS HAPPY FROM THE REPORT
NOW SHOW ME THE TRUE RATE CBI.
17/07/2013 13:58 World Bank praises the draft reform of the banking sector and financial control of Iraq’s banks.
Baghdad (news) .. Central Bank of Iraq, the World Bank praised the draft reform of the banking sector in Iraq. , the bank said in a statement received by the Agency (news) copy of it: that the bank received a letter from the World Bank praises the report issued by the auditing firm of international financial statements final draft reform Iraq’s banking sector. added: that the report was devoid of any observations or reservations and this report reflects the good efforts made by the management of the Central Bank of Iraq in this area. / End / b. PVC /
Nesara BlogSpot Dinar Update: John MacHaffie
Rumor – HIGH ANTICIPATION for public exchanging today.
Rumor – Jack Leu may be making an announcement about the RV this morning.
Rumor – Exchanges ARE ongoing in Reno
Confirmed – The International RV appeared on the Iraq Stock Exchange for 2 hrs. Trades were international in nature.
Confirmed – Tuesday ‘suppose’ to be the date for the RV/EXCHANGE. Private exchanges perhaps but no public exchanging yet
BOBGETZ6] It is now time to say a few things. As we get closer to this event ending, there is a lot of confusion and a lot of deception. I would suggest that you use the old adage, “FOLLOW THE MONEY.”
[BOBGETZ6] There are people out there that will try and are trying to get dinarians to pull away from where they originally planned to cash in. Let me ask you this, if someone asks you to put money up front, or to pay a fee for doing a currency exchange, would you really trust that? Would you think that just maybe, they are being backed by a financial group, and are preying on people’s naivety?
[BOBGETZ6] People have come out of the woodwork it seems, to try and disrupt the situation. Much of the information now flowing amongst the sites, is just wrong and in my opinion, just short of criminal. Some of the guru types, in my opinion, are being paid and backed by some dinar sales organizations, to excite the crowd with anticipated imminent revaluation. More sales equals more revenue.
[BOBGETZ6] Another situation comes to mind in that a good friend of mine was quoted as saying two one hundred million dinar holders had just cashed out in Reno. First of all, this person would never have said that, and secondly, if someone had cashed out, they would have been under a non-disclosure agreement.
[BOBGETZ6] It is your money, you decide, but I felt compelled to inform those who might get caught up in the drama, or have not been around long enough to comprehend.
[harleyrider] BOBGETZ6 great points.
[BOBGETZ6] And above all else, I could not post what I really think.
[novemberwhiskey] BOBGETZ6 the exchange procedure will be very simple… banks have wealth advisors who are there to guide customers in the right direction…if you do not like the people who are in place at a patpicular bank..go to another one..
sierramisty] JACK LEWS STATEMENTS! http://blogs.marketwatch.com/thetell/2013/07/17/live-blog-jack-lew-john-paulson-headline-delivering-alpha-conference/?mod=MW_home_latest_news