Dear Extended Family,

To save the international banking sector from being obliterated by derivative litigation and the lack of derivative deals which provided 50% of their earnings, laws have been enacted in anticipation of this inevitable meltdown. More legislation is on its way.

How about a moratorium on litigation complaints based on derivative injury and punitive damages, with a RICO claims , as an emergency measure to keep the largest financial contributors to politics over many administrations, the international investment banks alive..

Take a look at the following heads up from JB Slear:

Title II: Monetary Policy Provisions- (Sec. 201) Amends the Federal Reserve Act to: (1) authorize payment of interest on funds maintained by a depository institution at a Federal Reserve bank; and (2) authorize the Federal Reserve Board to reduce to 0% the reserves required to be maintained by a depository institution against its transaction accounts. (The current requirement ranges from 3% to 14%.)

S.2856 Title: An original bill to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes.
Sponsor: Sen Crapo, Mike [ID] (introduced 5/18/2006) Cosponsors (None)
Related Bills: H.R.3505
Latest Major Action: Became Public Law No: 109-351 [GPO: Text, PDF]
Senate Reports: 109-256

SUMMARY AS OF:
10/13/2006--Public Law.(There are 4 other summaries)

(This measure has not been amended since it was passed by the House on September 27, 2006. The summary of that version is repeated here.)

Financial Services Regulatory Relief Act of 2006 - Title I: Broker Relief - (Sec. 101) Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System (Board) to: (1) jointly adopt a single set of rules or regulations implementing statutory exceptions to the definition of "broker" within the context of specified banking activities; and (2) seek the concurrence of the federal banking agencies prior to jointly adopting such rules or regulations.

States that such jointly adopted rules or regulations supersede any proposed or final rules issued by the SEC on or after the enactment of the Gramm-Leach-Bliley Act with regard to the exceptions to the definition of broker.

Title II: Monetary Policy Provisions - (Sec. 201) Amends the Federal Reserve Act to: (1) authorize payment of interest on funds maintained by a depository institution at a Federal Reserve bank; and (2) authorize the Federal Reserve Board to reduce to 0% the reserves required to be maintained by a depository institution against its transaction accounts. (The current requirement ranges from 3% to 14%.)

Declares October 1, 2011, as the effective date for the amendments made by this title.

Title III: National Bank Provisions - (Sec. 301) Amends the Revised Statutes of the United States to allow cumulative voting by shareholders for directors of a national bank only if authorized by the bank's articles of association (thus repealing the current requirement of cumulative voting).

(Sec. 302) Repeals the statutory formula for determining when lawful national bank dividend declarations may be made. Allows national bank directors to declare a dividend of so much of the bank's undivided profits as they judge to be expedient