Sn...@smack.com wrote in
news:8qukdalhb6ujmp49l...@4ax.com:
Sure....as long as you also consider the responsibility of the Democrats
in the same mess:
Enjoy.....
I added the vote statistics and the composition of both Houses of
Congress.
1978 - Marquette vs. First of Omaha Supreme Court allows banks to export
the usury laws of their home state nationwide and sets off a competitive
wave of deregulation, resulting in the complete elimination of usury rate
ceilings in South Dakota and Delaware, among others.
1980 - Depository Institutions Deregulation and Monetary Control Act
Legislation increases deposit insurance from $40,000 to $100,000,
authorizes new authority to thrift institutions, and calls for the
complete phase-out of interest rate ceilings on deposit accounts.
Senate - 76 - 9 Roll call vote
House - 367 - 69 Roll call vote
Composition of Congress
Senate Dems - 58 Reps - 41 Other - 1
House Dems - 277 Reps - 158
President - Jimmy Carter
1982 - Garn-St. Germain Depository Institutions Act Bill deregulates
thrifts almost entirely, allowing commercial lending and providing for a
new account to compete with money market mutual funds. This was a Reagan
administration initiative that passed with strong bi-partisan support.
Senate - Voice vote
House - 272 - 91
Composition of Congress
Senate Dems - 46 Reps - 53 Other - 1
House Dems - 242 Reps - 192 Other - 1
President Ronald Reagan
1987 - FSLIC Insolvency GAO declares the deposit insurance fund of the
savings and loan industry to be insolvent as a result of mounting
institutional failures.
1989 - Financial Institutions Reform and Recovery Act Act abolishes the
Federal Home Loan Bank Board and FSLIC, transferring them to OTS and the
FDIC, respectively. The plan also creates the Resolution Trust
Corporation to resolve failed thrifts.
Senate - 91 - 8 vote
House - 320 - 97 Roll call vote
Composition of Congress
Senate Dems - 55 Reps - 45
House Dems - 260 Reps - 175
President George Herbert Walker Bush
1994 - Riegle-Neal Interstate Banking and Branching Efficiency Act This
bill eliminated previous restrictions on interstate banking and
branching. It passed with broad bi-partisan support.
Senate - Voice vote
House - Voice vote
Composition of Congress
Senate Dems - 57 Reps - 43
House Dems - 258 Reps - 176
President William J Clinton
1996 - Fed Reinterprets Glass-Steagall Federal Reserve reinterprets the
Glass-Steagall Act several times, eventually allowing bank holding
companies to earn up to 25 percent of their revenues in investment
banking.
1998 - Citicorp-Travelers Merger Citigroup, Inc. merges a commercial
bank with an insurance company that owns an investment bank to form the
world's largest financial services company.
1999 - Gramm-Leach-Bliley Act With support from Fed Chairman Greenspan,
Treasury Secretary Rubin and his successor Lawrence Summers, the bill
repeals the Glass-Steagall Act completely.
Yes No NV
Senate
Dem 38 7 0
Rep 52 1 2
House
Dem 155 51 5
Rep 207 5 10
Composition of Congress
Senate Dems - 45 Reps - 55
House Dems - 207 Reps - 226 Other - 2
President William J Clinton
2000 - Commodity Futures Modernization Act Passed with support from the
Clinton Administration, including Treasury Secretary Lawrence Summers,
and bi-partisan support in Congress. The bill prevented the Commodity
Futures Trading Commission from regulating most over-the-counter
derivative contracts, including credit default swaps.
House - 292 - 60
Senate - 52 - 43
Composition of Congress
Senate Dems - 45 Reps - 55
House Dems - 211 Reps - 223
President William J Clinton
2004 - Voluntary Regulation The SEC proposes a system of voluntary
regulation under the Consolidated Supervised Entities program, allowing
investment banks to hold less capital in reserve and increase leverage.
2007, Subprime Mortgage Crisis Defaults on subprime loans send
shockwaves throughout the secondary mortgage market and the entire
financial system.
December 2007 - Term Auction Facility Special liquidity facility of the
Federal Reserve lends to depository institutions. Unlike lending through
the discount window, there is no public disclosure on loans made through
this facility.
March 2008 - Bear Stearns Collapse The investment bank is sold to JP
Morgan Chase with assistance from the Federal Reserve.
March 2008 - Primary Dealer Facilities Special lending facilities open
the discount window to investment banks, accepting a broad range of
asset-backed securities as collateral.
July 2008 - Housing and Economic Recovery Act Provides guarantees on new
mortgages to subprime borrowers and authorizes a new federal agency, the
FHFA, which eventually places Fannie Mae and Freddie Mac into
conservatorship.
September 2008 - Lehman Brothers Collapse Investment bank files for
Chapter 11 bankruptcy.
October 2008 - Emergency Economic Stabilization Act Bill authorizes the
Treasury to establish the Troubled Asset Relief Program to purchase
distressed mortgage-backed securities and inject capital into the
nation's banking system. Also increases deposit insurance from $100,000
to $250,000.
House Yes No NV
Dems - 172 63
Rep 91 108
Senate 74 25
Composition of Congress
Senate Dems - 49 Reps - 49 Other - 2
House Dems - 233 Reps - 198 Other - 4
President George W Bush
Late 2008 - Money Market Liquidity Facilities Federal Reserve
facilities created to facilitate the purchase of various money market
instruments.
March 2009 - Public-Private Investment Program Treasury Secretary
Timothy Geithner introduces his plan to subsidize the purchase of toxic
assets with government guarantees.
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