http://tpmdc.talkingpointsmemo.com/2010/06/feingold-i-will-not-support-weak-wall-street-reform.php?ref=fpiDemocrats are in hot pursuit of Russ Feingold's vote for Wall Street reform. But in a statement sent my way this afternoon, Feingold says he's told the White House and key congressional leaders that he's still a no unless the bill gets significantly stronger.
"During debate on the financial regulatory reform bill, I made it clear that I would only support a strong bill that can prevent another financial crisis," Feingold's statement reads. "Neither the House bill nor the Senate bill pass that test."
I have spoken to Senate leaders, the Obama administration, and members of the conference committee and made my concerns well known. I opposed deregulating Wall Street and eliminating the protections of the Glass-Steagall Act, a position which put me at odds with many in Washington who supported the very policies that contributed to the financial crisis, and who now support these bills that simply don't get the job done. Without including stronger reforms, we're simply whistling past the graveyard.That's not a declarative 'no'. Indeed, along with the statement, Feingold's office added a list of provisions that weren't part of the Senate financial reform bill, but that could have tipped him into the yes column if they'd been included. I've pasted that list below. Note in particular the last one: "The Merkley-Levin amendment to prohibit any bank with government insured deposits from engaging in high-risk finance, like investing in hedge funds or private equity funds."
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