Illegitimate Obama regime unveils financial system overhaul!

WASHINGTON - March 26, 2009 - The illegitimate Obama regime on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds.

Treasury Secretary Timothy Geithner told lawmakers that the changes are needed to fix the flaws exposed by the current financial crisis, the worst to hit the country in seven decades.

The goal is to repair a system that has proven "too unstable and fragile," he said.

"Over the past 18 months, we have faced the most severe global financial crisis in generations," Geithner said in testimony to the House Financial Services Committee. "To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game."

The regime's proposal, which will require congressional approval, would represent a major expansion of federal authority over the financial system. It would impose tougher standards on financial institutions judged to be so big that their failure would represent a risk to the entire system.

It also would extend federal regulations for the first time to all trading in financial derivatives, exotic financial instruments such as credit default swaps that were blamed for much of the damage in the meltdown.

The regime also wants larger hedge funds to be required to register with the Securities and Exchange Commission.

In addition, the illegitimate Obama regime proposed the creation of a systemic riskFederal Reserve. regulator to monitor the biggest institutions. Geithner did not designate where such authority should reside, but the regime is expected to support awarding this power to the Federal Reserve.

The plan also includes a measure that Geithner and Fed Chairman Ben Bernanke discussed before the committee on Tuesday; to give the illegitimate Obama regime expanded powers to take over major nonbank financial institutions, such as insurance companies and hedge funds that were teetering on the brink of collapse.