Banks chalk up 2 wins as Senate reform bill evolves

[sinkingfeeling]

Source: USAToday.com

Big banks scored a couple of key victories Tuesday in the battle to shape the sweeping overhaul of financial regulation, following recent gains by consumer advocates.

In a partial victory for banks, the Senate on Tuesday overwhelmingly passed an amendment that would largely prevent states from writing new laws to protect consumers from questionable financial products even if no federal law exists. However, the measure preserves states' authority to enforce federal rules.

Separately, Sen. Richard Shelby, R-Ala., used a procedural tactic to block a proposal to ban banks from making the kind of proprietary trades in high-risk securities that helped fuel the financial crisis.

The amendment Shelby blocked would bar banks from making the types of trades that led to government bailouts and stop firms from betting against securities they sell. Sen. Jeff Merkley, D-Ore., a chief sponsor, said Republicans are "standing in the way of real reform."



Read more: http://www.usatoday.com/money/companies/regulation/2010-05-19-financialreform19_ST_N.htm

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The GOP just keeps on trying to protect their masters.

[mbperrin]

1. Look! Honest polticians! They STAY bought!

As more and more, it becomes obvious even to the dimmest who owns and runs this country...

[florida08]

2. !

[No Elephants]

3. The GOP?" Passed overwhelmingly"; i.e., Democrats supported it. Add to the two measures

mentioned in the OP the WH killing plans to break up companies that are too big to fail and Dodd's recent tabling of the Dorgan amendment, which would have prevented trading in credit default swaps.

Sorry, sinkingfeeling, but, if you misdiagnose, you mistreat and, if you mistreat, you make improvement a lot less likely.

[derby378]

4. Looks like financial reform is headed to the same grave as health care reform

It's the strategy of L'eng T'che - death by a thousand cuts. :grr:

[msongs]

5. obamacare for banks lol. too bad the dems cant just go for the kill here nt

[FailureToCommunicate]

6. Right. We start out with "sweeping reform" and end up with 'floor sweepings'.

(Good to have you back, derby)

[derby378]

7. Thank you

:hug:

[bertman]

8. In the words of Smokey Robinson ". . . my HOPE is fa-a-a-ding". Or, as we all know "Money talks"

[paparush]

9. Unbelievable in relation to current events-

Wall Street meltdown (grand theft).

W. Virginia coal mine disaster.

Gulf Oilpocalypse.


How ripe for regulation can you get? Can public mood be any more open to increasing govt. oversight? Isn't the proof in the dead bodies and ruined lives caused by the above?

I'm utterly at a loss for words.