Feingold to vote No on Wall Street Reform

[rhombus]

Looks like Dems are one vote short after Sen. Byrds' passing. Scott Brown voted with Dems to get the bill from the senate to conference, but now is threatening to oppose the final bill because it imposes a $19 billion tax on the mega banks to recoup the costs of implementing the CBO scored bill.

[geek tragedy]

1. He just needs to vote for cloture.

And, quite frankly, it's unacceptable for him to vote with the Republicans on a procedural vote.

[AlinPA]

2. But will he vote for cloture? Being "against it" means no on cloture IMO.

[geek tragedy]

4. No, voting no on cloture means trying to derail the Democratic

process by not even allowing a vote on the topic.

Feingold, quite frankly, needs to pull his head out of his ass if he thinks that he'll get a better bill next year.

[Bumblebee]

3. There are lots of people from Seattle on the list.

We all should e-mail and/or call Maria Cantwell. She is usually more of a pragmatist than Feingold, and oftentimes too much of a pragmatist. If she thinks her stand now is putting her in good position vis-a-vis liberals, she should be dissuaded from that by people in WA state bombarding her with messages.

[Phx_Dem]

5. Loser.

[stray cat]

15. Since when?

[BlueIdaho]

6. So Feingold really believes the status quo is better than this bill?

[flpoljunkie]

7. Feingold statement. He will vote no on cloture.

Feingold Statement on Financial Regulatory Reform Conference Report

Monday, June 28, 2010

“As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis. The conference committee’s proposal fails that test and for that reason I will not vote to advance it. During debate on the bill, I supported several efforts to break up ‘too big to fail’ Wall Street banks and restore the proven safeguards established after the Great Depression separating Main Street banks from big Wall Street firms, among other issues. Unfortunately, these crucial reforms were rejected. While there are some positive provisions in the final measure, the lack of strong reforms is clear confirmation that Wall Street lobbyists and their allies in Washington continue to wield significant influence on the process.”

Senator Feingold was one of eight senators to oppose the repeal of Glass-Steagall in 1999. Senator Feingold also opposed the Wall Street bail-out in 2008. During consideration of the financial regulatory reform bill, Feingold cosponsored a number of key amendments to ensure that banks are no longer too big to fail, and that depression-era reforms to create a firewall between Wall Street and Main Street are restored, among other critical issues. None of these amendments were included in the final bill, which is why it failed Feingold’s test for real reform. Amendments Feingold cosponsored included:

Cantwell-McCain-Feingold amendment to restore the Glass-Steagall firewall between Wall Street and Main Street
Senator Dorgan’s “too big to fail” amendment, which requires that no financial entity be permitted to become so large that its failure threatens the financial stability of the U.S.
Brown-Kaufman amendment proposing strict limits on the size of financial institutions
Dorgan amendment to ban so-called naked credit default swaps, speculative bets that played a role in the economic crisis
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

http://feingold.senate.gov/record.cfm?id=326020

[Bumblebee]

8. link

http://tpmdc.talkingpointsmemo.com/2010/06/feingold-will-vote-to-block-wall-street-bill.php

[flpoljunkie]

9. Thanks. Found statement on his Senate website.

[Jennicut]

10. So financial reform is dead. Until Manchin appoints someone and if that person will vote yes.

Thanks a lot Feingold. If he is waiting for perfection on this, he will wait forever. Some changes are better then none.

[ProSense]

12. He voted against the Senate bill. n/t

[Bumblebee]

13. The hopeful interpretation would be that he is so firmly no because

he knows -- from her -- that Cantwell will switch. But that may be wishful thinking.

[jefferson_dem]

18. Asshole. n/t

[Warren Stupidity]

21. wouldn't you prefer to restate that as an actual argument against this Democrat's position

rather than a personal attack?

[ProSense]

11. Feingold is being a stick in the mud. His reasons:

Feingold: None of these amendments were included in the final bill, which is why it failed Feingold’s test for real reform. Amendments Feingold cosponsored included:

Cantwell-McCain-Feingold amendment to restore the Glass-Steagall firewall between Wall Street and Main Street

It is Glass-Steagall for these times.

Senator Dorgan’s “too big to fail” amendment, which requires that no financial entity be permitted to become so large that its failure threatens the financial stability of the U.S.

Brown-Kaufman amendment proposing strict limits on the size of financial institutions

Senator Brown's statement and Krugman on too big to fail

Dorgan amendment to ban so-called naked credit default swaps, speculative bets that played a role in the economic crisis

The bill includes Lincolns derivatives provision, which everyone considered the strongest language.

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

Senator Merkley's statement

[bigwillq]

14. Hey rhombus

Congrats on 600 posts! :toast:

[rhombus]

17. Thanks!

[stray cat]

16. Why does he want to do something constructive instead of for appearance sake?

[GlennWRECK]

19. Voting No?

Imagine that...
/sarcasm

[golfguru]

20. I am with Feingold on this because

it is my understanding that this bill condones
too big to fail. Every private corporation should be allowed to fail.
Correct me on this if I am wrong because I have not read the bill.

[harun]

22. I am with him as well. Just because the media labels it "reform" doesn't mean it is.

[DCBob]

23. He can vote no when the bill comes to vote.. this is just a procedural vote.

Is he afraid to allow the bill to come to vote? Is he willing to filibuster with the GOP?

[zulchzulu]

24. Feingold's reasons are certainly good enough for me on this shitty legislation

As he said about the corrupted and inadequate bill:

"As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis," reads a statement from Feingold's office. "The conference committee's proposal fails that test and for that reason I will not vote to advance it.

During debate on the bill, I supported several efforts to break up 'too big to fail' Wall Street banks and restore the proven safeguards established after the Great Depression separating Main Street banks from big Wall Street firms, among other issues.

Unfortunately, these crucial reforms were rejected. While there are some positive provisions in the final measure, the lack of strong reforms is clear confirmation that Wall Street lobbyists and their allies in Washington continue to wield significant influence on the process."

http://bit.ly/aAu2dm

Wall Street CEOs love this bill. The Stock Market rose today.

Let's table the bill and IMPROVE A BETTER ONE.

[girl gone mad]

25. Agreed.

If they want to get credit for financial reform, then pass a real bill that really reforms the system, not another weak bill, watered down by lobbyists, which institutionalizes TBTF and all but guarantees another economic crisis that will require another taxpayer funded bailout.

[denimgirly]

26. THANK YOU Feingold!

Wish there were more like him