July 15th, 2010
12:35 PM ET
4 years ago

Feingold: Financial regulatory bill 'falls short'

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.”

Filed under: Financial Reform • Russ Feingold • Senate • Wall Street
soundoff (54 Responses)
  1. Papasan in AZ

    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
    Once again the needs of the Financial World are put before the needs of every day Americans, Washington doesn't give a sh!t about Main Street USA!
    Every Politician that holds up the Unemployment Extension should have there paycheck withheld, that is Vote them out in November. If Washington can’t see the need in the Unemployment Extension, As Americans we should see no need in employing them as our representatives. All that said I highly recommend that every unemployed American bombard Washington with every means accessible till they pass this Extension.

    July 15, 2010 12:41 pm at 12:41 pm |
  2. Rick McDaniel

    That's obviously true, because the financial industry isn't at all concerned, and I guarantee they know exactly what the provisions of the bill, are.

    July 15, 2010 12:41 pm at 12:41 pm |
  3. T

    Don;t believe it, everybody want to score points, I am so sick of the Bull. I have never seen anything like this......how so many Americans are against our President or what he brings to the table. They did not do this with BUSH........and if they did maybe we will not be in this mess. The reason why this is happening is because the color of the President skin, and am so ashame..........because he is doing a good job if you really look at it y6ou will see too.

    July 15, 2010 12:46 pm at 12:46 pm |
  4. harold

    Right on Senator... Wall Street should exit their doors today for lunch or any day soon.. and take off their shoes and go barefoot...in honor of the age 19 young fellow caught as the barefoot bandit.. At least he had some honor ..... Of course Wall Street always wins.. They get bailed out period and continue with mulitple figure incomes and tactics designed to risk your retirements...So Wall street have the guts to go barefoot for a day or lunch.. Show us your bare foot.. You've already showed us your heart and soul..and values.....

    July 15, 2010 12:46 pm at 12:46 pm |
  5. Jackie

    The bill is a "joke" without Fannie and Freddie in it. They're one of the biggest culprits in the financial meltdown. And...regarding unemployment...I know to many people that can get a job and will not due to recieving unemployment checks. Now what do we do...?

    July 15, 2010 12:47 pm at 12:47 pm |
  6. Truth-Bomb Thrower

    First of all, the economic collapse was NOT caused by a lack of regulation. It was caused mostly by the federal government sticking it's nose further into the private sector and pressuring lenders to lend to low-income people, regardless of their capacity to pay the money back.

    Second, we need to ask ourselves is this bill really about preventing another economic collapse, or is it about Rahm Emanuel being true to his word and not letting "a good crisis go to waste."

    July 15, 2010 12:47 pm at 12:47 pm |
  7. Lisa P

    Yup, that's our Russ. I don't agree with him on this - I figure anything is better than nothing - but I'll vote for him anyway. There have been other more fundamental issues where his orneriness was much appreciated, and I'm sure there will be again. Besides, his opponent is a butt-kissing idiot. I'll take Russ and his principles over that two-faced money-grubber any day of the week and twice on Sundays.

    July 15, 2010 12:49 pm at 12:49 pm |
  8. Johnathan

    Why isn't this guy president?

    July 15, 2010 12:52 pm at 12:52 pm |
  9. Johnny DC

    Of course the financial crisis has everything to do with Wall Street. There's no chance that it had anything to do with lending policies influenced by President Clinton, or back-room deals that gave Fannie/Freddie operations such far-reaching implications.

    It's all the big bad Wall Street. The big bad Wall Street and the evil rich white man. Right?

    July 15, 2010 12:53 pm at 12:53 pm |
  10. bobden

    The bill falls short. The senators that forced the watering down fall way short. They don't represent America. They represent only fat bankers.

    July 15, 2010 12:53 pm at 12:53 pm |
  11. bobden

    The writer called 'truth-bomb-thrower' knows that what he/she/it wrote is not true. What's likely true is that the writer is probably a lobbyist being paid to write such crap.

    July 15, 2010 12:59 pm at 12:59 pm |
  12. Hugo

    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.
    ++++++++++++++++++++++
    Another political hack pointing the finger at Wall Street while omitting any hint to the fact that Congress facilitated the entire meltdown. Do people understand that the function of Government as a regulator is to police the market and enforce Federal banking and mortgage laws? Look at the SEC and Madoff, or Enron they don't enforce because they all have their hands in the campaign fund bribe cookie jar., then when the shit hits the fan, it is those evil greedy Wall Street Bankers fault! 2010 calls for Investigations and trials, Dodd, Waters, Reins and Franks first then on with the rest!

    July 15, 2010 01:00 pm at 1:00 pm |
  13. JP

    Clearly Wall Street played a large part in the financial crisis. Feingold is right that the bill falls short however that dummy gets it all wrong on where it all falls short. The root cause of our financial crisis started with the government's social engineering and deciding you should have a house even if you can't afford it. The banks were pushed to make bad loans but not to worry the so called do-gooders had Fannie and Freddie buy up these trashy loans. The government caused our financial crisis and wall street made it worse. The reform bill does nothing to reform Fannie and Freddie.

    July 15, 2010 01:00 pm at 1:00 pm |
  14. GoC

    Truth bomb thrower, are you kidding me? Mortgage backed securities were being traded long before Fannie and Freddie got involved, although they did make the problem worse. The big banks and insurance companies such as Leaman bros and AIG pushed for deregulation so they could sell these mortgage backed securities and make lots of money, which they did.

    July 15, 2010 01:01 pm at 1:01 pm |
  15. Rickster

    @ T:

    "They did not do this with BUSH."
    _________________________________________________

    Are you kidding me?????? The anti-Bush rhetoric started BEFORE election night was over in 2000 when the big lummox Al Gore tried to steal the election and, except for about a 24 hour pause on 9/11/01 it got louder and louder until the day the amateur community organizer moved into the White House.

    July 15, 2010 01:05 pm at 1:05 pm |
  16. nini

    Please stop the takeover of our economy.

    July 15, 2010 01:05 pm at 1:05 pm |
  17. Beverly - NYC

    Where else but in the Senate can you complain about not doing your job and keep it. Stop whining in the press and work with your colleagues to put teeth in this legislation or is that too much too ask Senator Feingold. You were part of the same government who trusted the banks and wall street to police themselves, while merging into giants too big to fail. The giants choose profit over their industry reputation now they must pay the price. Even with all the whining in the past months, most companies are posting profits.

    July 15, 2010 01:08 pm at 1:08 pm |
  18. Frank

    Once again Wall Street buys senators in small states where seats are cheap and uses them to block significant legislation that is of importance to the entire nation. Its time we get the FDR constraints back in place. Then we need to separate commercial and investment banks and finally we need to put a 'too big to fail clause'. Period. $100 billion sounds about right. Above that its just gravy and greed.

    But the thing is, one party is bought and sold and stuffed in a lockbox, with lots of 'true believers' who are totally ignorant on the issues and just bleating bumper sticker slogans.

    Well, we bought the bullet this time, we evaded a depression, but unless we get this fixes, this recession is going to be a mess.

    And we all know whose fault it is. And its not President Obama's. Its the GOP.

    July 15, 2010 01:09 pm at 1:09 pm |
  19. Capsaicin

    Feingold's my senator here in Wisconsin. I'm glad for his holding out for progressive Democrat positions for a change (had enough of Blue Dog grandstanding), but I sent him several emails asking him to vote Yes if it looked like a Republican was going to turn out a traitor and change their vote. Happy it looks like the bill, weak as it is in certain areas, will pass.

    I'm hoping Democrats will listen to Russ and push some very clear finance 'loophole fix' bills to hold GOP feet to the fire for November. But I'm not holding my breath; Dems need to find their misplaced cojones.

    July 15, 2010 01:13 pm at 1:13 pm |
  20. NYC REPUB

    Henty Paulson, GWB's former Sec. of the Treasury, said that if this law existed while he was still at the helm, it would have given him significant tools to deal with the Financial Armegeddon........He said Lehman Brothers (which started the panic) would not have failed......
    Mr. President, thankyou for fighting for reform......

    July 15, 2010 01:14 pm at 1:14 pm |
  21. NYC REPUB

    Henry Paulson, GWB's former Sec. of the Treasury, said that if this law existed while he was still at the helm, it would have given him significant tools to deal with the Financial Armegeddon........He said Lehman Brothers (which started the panic) would not have failed......
    Mr. President, thankyou for fighting for reform......

    July 15, 2010 01:15 pm at 1:15 pm |
  22. gt

    like treating cancer with a asprin... no real reform ..just smoke and mirrors..there fat cat buddies will keep there money... shame on you

    July 15, 2010 01:16 pm at 1:16 pm |
  23. Ken in Pisgah Forest

    Truth-Bomb Thrower,

    What you wrote was far from the truth. It was lending companies like Country Wide that gave out liars loans which were then repackaged into subprime notes and sold by Bank of America that caused the problem. They did this willingly and without government coersion because they made their commission on the loans and then passed the risk onto the banks, who then passed it on to those who bought these notes, such as Merrill Lynch and Iceland. Bank of America made so much off of these, they bought Country Wide to keep it from selling the loans to other banks.

    As for RF, if he wants a perfect bill, he won't get it with the Republicans doing everything they can to protect Wall Street and the big banks. He needs to take what he can get when he can get it.

    July 15, 2010 01:16 pm at 1:16 pm |
  24. Victim of GOP Taliban

    Feingold is right but this is the best the Dem's could do considering the Republicans except for 3 – will cry Govt Takeover or complain about too many regulation. This bill can always get amended later with something stronger.

    July 15, 2010 01:20 pm at 1:20 pm |
  25. Ben

    Lisa P- "Yup, that's our Russ. I don't agree with him on this – I figure anything is better than nothing – but I'll vote for him anyway"

    Yup, that's some sound logic there. Idiots.

    You better get used to the idea that Feingold is gone come November.

    July 15, 2010 01:21 pm at 1:21 pm |
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