Washington (CNNMoney.com) – Lawmakers are closing in on melding two different versions of Wall Street reform.
However, they have yet to tackle one of the last and more controversial measures: Cracking down on the big banks' investment activities and risky bets.
For nearly two weeks, a negotiating committee of 43 lawmakers has been reconciling the House and Senate versions of the most sweeping overhaul of the financial regulatory system since the 1930s.
Lawmakers leading the negotiations insisted that the panel is on track to complete negotiations by Thursday evening, which would prepare bills for final passage by each chamber next week.
However, the group had yet to consider changes cracking down on banks' risky bets, in part because of an apparent stand-off between Democrats in the Senate and House.
It is hard for the Democrats to have to drag the republicans along to do the right thing for Americans.
Please keep in mind that we are getting Wall Street reform IN SPITE OF Republican efforts. These are things we should keep in mind as November approaches.
Don't listen to the polls, those are just lame excuses for real journalism.
If anyone has been watching this you would see that the Dems. are close to an agreement the Rebs are trying to make this all about fannie and freddie mac and to not allow thier to be a consumer protection agency as usual they are stalling and trying to water it down. Kudos to Barney Franks for staying focused on the intent of this bill.
First crack down on the banks and start with citi bank! they are going around regulation Q through the so called product innovations. Once you complain about it. they just close down your account! and they don't even care to inform the customer untill you go shopping only to find out that, you nolonger have a checking account this is un acceptable and it should not happen in the United States of America!!. When will the consumer protection stands with the so called little guy?
This 'reform' is a disaster. There are already regulations in place. Instead of creating new laws that will hinder economic growth and give too much power to a fringe in the Executive Branch, just punish those that break the current law.
Even the best intentions have consequences. And this reform has economy-killing consequences.
I certainly hope that Wall Street is reformed. Seriously, there isn't anything wrong with making money, but there is something wrong with using practices that are so risky that people lose their life savings. I'm sure all of the BP stockholders wished that BP had had a plan in place in case a terrible accident caused an awful oil spill. BP Oil's stock prices probably would not have tumbled so fast and hard if they could have plugged that leak faster.
Message to Wall Street: We all want to make money on our investments, but we also want to keep that money and not lose it because some CEO gets greedy.
if they haven't talked about cracking down on the big banks' investment activities and risky bets then they have done NOTHING