April 23rd, 2010
08:26 AM ET
10 years ago

Wall Street reform: The hang-ups

Washington (CNNMoney.com) - With President Obama pushing hard, the Senate is on the verge of taking up a hotly disputed Wall Street reform measure.

On Monday afternoon, the Senate will vote on whether to begin work on the bill – although there's no assurance that Democrats will have the votes to get started.

Should the debate begin, there's broad bipartisan agreement to prevent bailouts, increase capital cushions at banks, protect consumers and shine a light on complex financial contracts now traded in the shadows.

But Democrats and Republicans disagree about a lot of things, ranging from how to prevent bailouts to how to empower a new consumer regulator.

"Details matter here," Sen. Richard Shelby, R-Ala., said Thursday. "What is the main goal? To do it right. Don't just do it, but do it right."

Shelby, the ranking Republican member of the Senate Banking Committee, has been negotiating for months with panel chairman Christopher Dodd, D-Conn., on the remaining differences. Republicans want to wait until the two reach an agreement. Democrats say it's time to move forward.

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Filed under: Congress • President Obama • Wall Street
soundoff (18 Responses)
  1. Bob Houle

    Mr Clemente's comments reflect Wall Strret's mindset. What he's really saying was "we paid Obama off and now he's turning against us"

    April 23, 2010 08:42 am at 8:42 am |
  2. GI Joe

    Stalling is really turning a lot of the voters off. Independents in my neighborhood had a meeting and decided unless things change, to vote the republicans out. They are doing NOTHING to even try to help. It's a game to them. Our lives are not a game.

    The party of NO may be surprised in November – we will tell them NO.

    April 23, 2010 09:00 am at 9:00 am |
  3. Stacie

    With all due respect Mr. Shelby, you had lots of time to prevent this crisis, to do it right, and you failed. Now is not the time to preach to the team who has to clean up your mess.

    April 23, 2010 09:04 am at 9:04 am |
  4. Jim

    Why is it that the Republicans only want to negotiate after the bill is already out of committee and headed to the floor? They've had a year and a half to show up for this issue and now they want to stop it so they can negotiate? I've never seen a group of legislators act in such bad faith as the Republicans have since Obama took office.

    April 23, 2010 09:06 am at 9:06 am |
  5. Independant Vet

    Until we get rid of this King Obama , we are being pushed over the cliff. From top to bottom , Still say EMPEACH OBAMA , or prove you are a American Citizen . As he stated long ago , he despises our Flag , our pledge , an our christianiaty , we must turn to muslim faith . as what he is an belives in . An he has Wall Street backing.

    April 23, 2010 09:08 am at 9:08 am |
  6. chillin

    All we need is a constitution amendment that bans corporate and company bail outs by tax payers that will stop them from making excessively high risk investments and if they do then they must bear the cost themselves its that simple why create a regulatory mess for Washington to micromanage,shoot they can't even manage themselves. Just looks like another Obama power play to increase an already to big to fail Government.

    April 23, 2010 09:09 am at 9:09 am |
  7. Dominican mama 4 Obama

    Democrats, let's not please go and compromise away, as we did with Healthcare, the MEAT and IMPACT of this reform.

    I feel pretty sure that the MAJORITY of Americans have reached the: 'who- gives- a- flying- screw- what- the- RethugliKKKlans- want- or- don't- want' portion of the program. It has become glaringly evident that they are not looking to improve our lot, but instead stall us into the next election.

    Go forth and make things happen Democrats. Americans are watching. And they will remember.

    By the way, COJONES are on sale everywhere. If you need to, buy yourselves an extra set and then get out there and FIGHT! FIGHT! FIGHT!!

    April 23, 2010 09:12 am at 9:12 am |
  8. beowulf2

    So let’s get this straight. We ALL know, or should know that the Bill in itself does not contain the “rules and regulations” as to how it is to be implemented. It is the government regulators that make the rules derived from the bills that carry the same force of law as the bill. And those rules and regulations are a matter of interpretation. That is where the opposition gets its claims of “permanent bailout” in this bill. This is why the wording of the Bill is very important. And this is where bipartisan support is required.

    April 23, 2010 09:29 am at 9:29 am |
  9. johnnyhouse

    We are fully aware of how Congress runs our government and now we want them to handle our money decisions with what disposable income we have left after taxes? Have I been kidnapped and sent to another world? We have people still there that are under investigation of tax fraud in the millions and other crimes still voting on bills such as Health care ,making laws you live by, and acting like nothing has happened.

    April 23, 2010 09:40 am at 9:40 am |
  10. Rick McDaniel

    Don't expect anything really reforming here.........we will be lucky if they slap them on the wrist.

    When they have you in their back pocket, you aren't going to do anything to seriously upset the applecart.

    April 23, 2010 09:45 am at 9:45 am |
  11. Cosmo

    Keep stalling Republicans, it is very clear what you are doing and who you are serving – and it is not the American public. Can't wait for the mid-term election results.

    April 23, 2010 09:52 am at 9:52 am |
  12. The Clear Thinking Independent

    Capitalism requires that companies that fail to perform get fired .... that they cease to exist. Under the Bush Wall Street and corporations in general, have been given a pass. When they made money, they got to keep it and got praised. When they lost money, taxpayers took the hit and executives got to keep their jobs ..... NO MORE.

    The size of Wall Street firms needs to be reduced. As a country, we need to be able to withstand the failure of one of these without any macro-economic impact to the financial system. When no one bank holds more than 5% of the nations deposits, we don't have to worry if it goes down.

    Do a Ma-Bell-Style breakup of the banking industry. It will promote more competition and lower fees for consumers. Pretty capitalistic, huh?

    April 23, 2010 10:00 am at 10:00 am |
  13. TCM

    Obama strategy – for stimulus, auto industry, healthcare, cap and trade, and now Wall St:

    flood the media with falsehoods...
    create a panic or angered atmosphere....
    continue to fan the false flames...
    swoop in with a nose-wiping plan that will pacify liberal idiots.....
    ram it through congress against the will of the majority of the people who actually work for a living (the 43% who pay taxes)....

    overtaxation, bigger wastefu government, stifling of innovation, bigger divide between rich and poor...increased racial tensions...dems lose
    big in 2010...Obama loses big in 2012, but the damage is done.

    April 23, 2010 10:01 am at 10:01 am |
  14. Marlene

    Senate Republicans want to wait, until they agree it's time to vote. That would be waiting until January, 2013. Just another GOP (party of No) tactic. Marlene in Mich

    April 23, 2010 10:15 am at 10:15 am |
  15. Dean

    I wonder why the democrats are so anxious to just pass a bill without knowing what is in the bill or whether it will do good or harm? This isn't moving forward it is blind irresponsible government. Why does this surprise me? It's what they have been doing for years.

    April 23, 2010 10:17 am at 10:17 am |
  16. Marco

    If the republicans want it done right then they should allow the debate to take place on the floor. But darn, we are talking about the republicans who care more about Wall Street than they do about Main Street.

    April 23, 2010 10:28 am at 10:28 am |
  17. Anonymous

    The bank "bailouts" worked- most have already paid back loans- the correct term, and the government for it's involvement, mad a sizable profit.
    While allowing banks to get too big to fail is a smart move, to think that there will never be a time they may have another problem is just plain foolish. If the reserve fund is being paid by the banks- who is hurt by putting the money away?
    Individuals have emergence funds or "rainy day savings", why not the banks?

    April 23, 2010 10:30 am at 10:30 am |
  18. katiec

    The republicans should realize that to oppose finance reform is political suicide, but continue on with their politics as usual.
    This party has lost all sight of what they were elected to do, and that is to represent the American people, not big business.
    With their goals of destroy our President, win at any cost, spewing lies, fear mongering, hypocasy, putting their personal gains over the survival of our country, they are well on their way to becoming our country's most dangerous domestic terrorists.

    April 23, 2010 10:40 am at 10:40 am |