This new bill is part of the fundamental changes that President Obama promised.
Expect to rearrange your financial situation.
July 15, 2010 CNN Political Ticker
Posted: July 15th, 2010 12:35 PM ET
Sen. Russ Feingold, D-Wisconsin, issued the following statement Thursday about the financial regulatory bill currently before the Senate:
“At the outset of the debate over the financial regulatory reform bill, I made clear that my test for this bill would be whether it prevents another economic crisis. Unfortunately, this bill falls short. The reckless practices of Wall Street sent our economy reeling, triggered the worst recession since the Great Depression, and left millions of Americans to foot the bill. Despite these cataclysmic events, Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster. I will not support a bill that fails to adequately protect the people of Wisconsin from the recklessness of Wall Street.”
I agree with Jackie, “The bill is a “joke” without Fannie and Freddie in it. They’re one of the biggest culprits in the financial meltdown.”
Where is wisdom, where is fairness, where is leadership?
For Feingold to have made his statement, it is very telling. Good for him.
July 15, 2010 CNN Political ticker
Posted: July 15th, 2010 12:52 PM ET
Washington (CNN) – House Minority Leader John Boehner, R-Ohio, told reporters, “I think it ought to be repealed. There are common sense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions, …. I think the financial reform bill is ill conceived, going to make credit harder for the American people to get, clearly harder for businesses to get and the fact that it’s going to punish every banker in America for the sins of the few on Wall Street is unwise. On top of that I think it institutionalizes ‘too big to fail’ and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out.”
My comment: (mainly to those who call the GOP the party of NO)
Reform is good, if well thought out, and not adulterated by agenda.
Blame the republicans for voting NO if you can answer these questions:
1. Why are Freddie and Fannie exempt from this bill?
2. There is no reform in Board of director structure EXCEPT that something is sneaked into it: union officials will be empowered to sit at the Board. The powerful friend of the president at SEIU is richly rewarded. Is it good for the country when union has over- reaching power?
3. The Feds will create another bureaucratic agency to control and regulate the financial sector. Does more bureaucracy improve competency? Would there be invitation of corruption? Lobbyists are all over the place. In fact they are the ones that bring about some changes in the bill.
4. With 2000 pages, you will have to find out what’s in it after you pass it, quoting Nancy Pelosi re the healthcare bill. Will you find hidden items that do not relate to financial reform? someone from Cato already pointed this out.