New Bill Would Keep Public In The Dark About Threats To Financial System

Members of Congress and the general public may not be told of "potential emerging threats to the stability of the financial system," thanks to a Thursday vote by a House panel shepherding the bill that’s supposed to end "too big to fail."

An amendment offered by Rep. Gregory Meeks (D-N.Y.) and unanimously approved by a voice vote in the House Financial Services Committee specifically deletes a provision in the Financial Stability Improvement Act of 2009.

The two draft versions of the bill originally called for the proposed overseer of threats to the entire financial system to prepare an annual report to Congress describing, among other things, "significant financial market developments and potential emerging threats to the stability of the financial system."

But on Thursday, Meeks’ amendment deleted that language and instead compels the council to describe:

"Significant financial and regulatory developments, including insurance and accounting regulations and standards, and assesses the impact of those developments on the stability of the financial system."

http://www.huffingtonpost.com/2009/11/06...