FT.com / US / Politics & Foreign policy - Republicans delay financial reform bill.
The banking lobby has captured the Senate:
Republicans delayed a financial regulatory bill on Monday, sending senators back to the negotiating table where they will try to thrash out a deal and consider new criticism from the Federal Reserve.
President Barack Obama said he was “deeply disappointed” by the Senate vote in which Ben Nelson, the Democratic senator from Nebraska, joined all 39 Republican senators present to oppose a procedural motion to move forward with the landmark bill.
This from the party that argues for small government.
Well of course it does. Small government = small regulation = big abuse. It's a guaranteed formula.
The Republican core love it. And the Tea Baggers are mug enough to buy it.
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This bill will punish smaller banks. My bank is a member bank where we all share in the ownership of the ‘association’. One part of this bill will actually prohibit our association from returning profits back to the members.
‘As the leading provider of financial services to America’s military community, USAA supports financial services reform.
However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.
If unchanged, the bill would:
* Prevent USAA from managing the association’s portfolio as we have for the past 87 years.
* Jeopardize our ability to continue offering many of our competitive products.
* Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*
So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the “Volcker Rule,” to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member’s investments.’
“Tea baggers”?
I think if you mentioned tea bagging in front of the Tea Party they would choke on their donuts.
@mad foetus
I hope so – just so long as no lasting harm occurred
Just a short sharp shock should do