Among the provisions:
- Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.
- Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated — including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.
- Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.
- Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.
- Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefits special interests at the expense of American families and businesses.
A thoughtful individual would have to wonder why any citizen would balk at such corporate regulation. In fact it seems odd that any legitimate corporation should put up such resistance. These changes don’t require an expenditure of money, they don’t require costly changes. At best the corporations involved might have to hire a few clerical employees, and an executive or two to mandate compliance.
Point is, under DeMint’s tutelage the Tea Party favors negation of the Wall Street Reform and Protection Act.
The Tea Party is convinced that Obama is wasting the dollars of American Taxpayers when he stimulates a failing economy with Job Programs. There is some precedent. In 1939, President Franklin Delano Roosevelt, coming face to face with the Great Depression, created the WPA Work Projects Administration as part of a "New Deal", employing millions of unskilled workers to build roads and public buildings, including parks and schools, in rural and Western areas. Provisions were made for arts, drama, media, and literacy projects. Children were fed and clothed. In nearly every community was a school or road, or public building constructed by the WPA.