Section 716-SWAPS(Financial Reform)

Big Banks have been allowed to operate as bookies
Taking and placing wagers that caused the economic collapse in 2008

SWAP-DERIVATIVES are in the trillions and very profitable for the
big banks because we provide the betting money cheaply.

Sen. Lincoln has gotten the sec. 716 provision into the conference financial reform bill.
Big Banks want to cut out the provision or carve out loopholes for themselves.

716 IN SHORT: If a financial entity wants to offer
SWAPS, it can't be provided Federal Assistance.

''Federal Assistance'' meaning:

* Federal Reserve credit advances

* Fed Discount Window advances

* Fed Emergency Lending

* FDIC Insurance

In other words, if a bank wants to continue to function as a bookie, it's going to have to create a separate company that has sufficient capital reserves, and does not gamble with cheap Fed loans or your FDIC insured deposits

Taking away Federal Assistance would allow more financial entities to compete, decreasing systemic risk that these derivatives create

The Big Banks are

resisting sec. 716

of the financial

reform bill.

When they

could be loaning to

small businesses

so that they can

stay afloat and hire

new workers or

not have to layoff

employees,

big banks would

rather continue their

profitable bookie

swaps operation

with our tax

money & deposits.

There are a few days left to contact the Conferees
Tell them you want section 716 to stay in the bill w/out any loopholes

http://www.tweetcongress.org

for the latest search twitter hashtag #finreg
or
http://bit.ly/FINconf

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