Obama Rips GOP Financial Reform Amendment That Would 'Gut Consumer Protections'

[SpartanDem]

President Obama released a statement today about a GOP amendment to financial reform that "will gut consumer protections and is worse than the status quo." Here's the full text:

Nearly two years after the collapse on Wall Street that cost over 8 million jobs on Main Street, the American people deserve strong, tough reform that will help prevent another financial crisis. The bill before the Senate demands accountability from Wall Street and includes the strongest consumer protections ever.

Unfortunately, throughout this debate, there have been partisan attempts to obstruct progress and weaken reform. Today, the Senate is considering a Republican amendment that will gut consumer protections and is worse than the status quo. I will not allow amendments like this one written by Wall Street's lobbyists to pass for reform. This amendment will significantly weaken consumer protection oversight, includes dangerous carve outs for payday lenders, debt collectors, and other financial services operations, and hurts the ability of community and local banks to compete by creating an unlevel playing field with their non-bank competitors.

As I have said throughout this process, I want to continue to work with Democrats and Republicans because protecting the American people should not be a partisan issue. But we must work together in good faith. Alternatives that gut consumer protections and do nothing to empower the American people by cracking down on unfair and predatory practices are unacceptable, and I urge the Senate to vote no on weakening consumer protections and instead stand with the American people.

http://tpmlivewire.talkingpointsmemo.com/2010/05/obama-rips-gop-financial-reform-amendment-that-would-gut-consumer-protections.php?ref=fpa

[BootinUp]

1. Good job. nt

[polichick]

2. Yet he wants to locate consumer protection at the Fed and is fighting a Fed audit. nt

[disillusioned73]

3. Disgusting what their doing to Sen. Sanders proposal

AUDIT THE FED!!

[polichick]

4. Gotta wonder whose side they're on. nt

[katandmoon]

6. +1,000.

[Supersedeas]

5. Reskanks showing their true colors -- Wall Street little poodles

[Mr. Sparkle]

7. that amendment would be enough material to reelect most democrats in the november elections

if only they spent the next 5 months, week after week, explaining to the American people what the republicans want to do. :-(

[SpartanDem]

8. Shelby's sham consumer amendment fails 38-61

How they voted:

YEAs ---38
Alexander (R-TN)
Barrasso (R-WY)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
LeMieux (R-FL)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

NAYs ---61
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Begich (D-AK)
Bennet (D-CO)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Byrd (D-WV)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Grassley (R-IA)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Lincoln (D-AR)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Specter (D-PA)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)

[Mr. Sparkle]

9. Thanks for the update.

The republicans who voted for it should have a hell of a price to pay at the elections, if only our party was good at political theater. It is a monstrosity of a bill that only a very corrupt political party could even placate.

[Dr Morbius]

10. Kinda surprising language from a "corporatist."

Who wants to bet all the Obama bashers fall silent on this one?

You stand firm, Mr. President.

[Whisp]

11. They're working on Obama's Greek Connection...

and how he was responsible for the decline of original democracy.