Washington (CNNMoney.com) – The head of a key banking panel is expected Monday to release a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.
While much of the attention has focused on battles over the creation of a new consumer regulator to ensure consumers get a fair shake with mortgages and credit cards, the final draft is expected to address other areas, including some lawmakers generally agree about.
Senate Banking chief Christopher Dodd, D-Connecticut, said Thursday that the "single most important thing we do in this bill" will be creating a new mechanism to prevent firms from becoming so big that their failure would threaten the entire financial system, spurring another universally hated $700 billion Troubled Asset Relief Program.
Without regulatory changes, we could soon be moving back to another mess just like the Bush economic crisis of 2008.
This idea is going nowhere. There is too much money at stake. Congress will talk the idea up like they are taking action, but the bill will slowly be tortured to death by parliamentary maneuvers. Especially now that the five Republican Party hacks on the Supreme Court have given global corporations the unrestrained ability to buy as many elections as they want to. So, any Senator or Congressman who really supports regulating the financial industry will find a powerful and well-financed opponent next November. However, all he has to do is to agree to be out of town when the vote is held and his election fund will grow dramatically.
Will this work out like that credit card reform act where we are all paying billions in new fees at the same time that our personal credit is being cut? If so, we can all once again thank the Obozo administration and the inept, corrupt Congress led by liberals for once again making the lives of working people a lot tougher, while making the lives of NEA educated, non working, non taxpaying members of our society much easier. Welcome to Obamanation.
This will be another DEM go it alone, as the GOP is not interested in FIN reform.
The republicans will just yell no no no no no. Their friends on wall street will pour money into their campaigns, and it will be another do nothing year.
Vote out the obstructions that do NOT want to help the people of the United States.
As usual, the Republicans are trying to slow things down. Why? It is way beyond time to regulate financial institutions. The Republican Party seems dead set on stopping this Congress and the American People from getting anything accomplished in this country. Why don't you stop focusing on your re-elections, and start doing the job you were elected to do in the first place. Earn your pay for once.
The Repubs. are against Health Care Reform, Financial Reform & Energy Reform. We now know who's side their on–CORPORATE AMERICA, not Main Street America !
This White House and congress doesn't get it. Here should be our priorities in order:
#1 – stimulate the economy and create jobs!
#2 – stimulate the economy and create jobs!
#3 – stimulate the economy and create jobs!
#4 – balance the budget
#5 – Get out bailout money back from the banks, AIG and auto co's
Notice Healthcare and financial system reform, although both are important is at best are 6th or 7th priority. Actually winning the war on terror, immigration reform and education reform are probably even more important than healthcare or financial system reforms
This administration and this congress have their priorities out of order.
And the GOPers are gearing up to promptly release an enormous ideological demogoguery fart in the proposal's general direction...