I read the stupid 110 p proposed law. I am far from a financial analyst. I am just an everyday citizen trying to make heads or tails of this monster.

I figure hardly anyone has time to read this stuff. Well, I fell down a hill and hurt my hurt ankle for the 40th time and I'm flat on my back and doped up for a while, so here is my informal, jotted, best attempt at understanding it, and some of my thoughts while reading it.

1st paragraph - what are the other purposes? lol wtf

pg 5 excludes any central bank owned by a foreign country....good; funds definition is weird, have to skip ahead to find out what it is. :(

Don't like this - any financial instrument that the secretary after consultation with the fed, determines a need for, after transmittal to congress. Says not a thing about congressional approval - only transmittal.

by page 7 it is already looking like a bureaucratic nightmare.

pg 8 omg too much authority is being given - treasury gets executive authority

Is it possible this monster will be able to make or break anyone they want?

pg 13 interesting - all financial institutions can participate....no discrimination of SIZE (ok, ??? I thought the problem was only the too big to fail.) Looking a lot like socialism here....

pg 15 Financial stability oversight board
They can only review and make recommendations - they can't directly censor it seems - problems they find have to go to a special inspector GENERAL for ASSETS RELIEF PROGRAM or the attorney general.
(Everyone is pretty much appointed by the executive branch.)

They will meet every month. They report to the congressional panel 2x a year.

Then THIS oversight board is going to terminate. I'm not clear on when? Looks quick? pg 17 bottom

pg 19, pretty much says the treasurer will bring congress a detailed invoice and the bill and
"a description of the vehicles established to exercise this authority"
They need to make a report 1 week after they spend every 50 billion bucks

THE Secretary manages purchased assets.
pg 22 Ok, how much further can we get from the constitution?

Money from revenues goes into treasury to go towards the public debt.

(I'm reading this as, we are broke and we need to make money, so high risk it is...) ????????? Is our only option a high risk gamble?

At this point, since the sec of treasury will be buying and selling revenues with the tax payers money, I am kinda wondering how much access he will have to intelligence data.

And this authority thing is bugging me. I don't understand it. if someone leaves their home, and the fed has the mortgage, to what length can they go to get that money owed? IE, will that person ever get a tax refund again, ever? You cannot go bankrupt against federally held loans as it is.

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