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UPDATE 1-Dodd says bipartisan financial reform at impasse
* Dodd says he, Shelby at impasse on bipartisan talks
* Hopes to present new reform proposal later this month
* Seeks to incorporate some bipartisan work (Adds Dodd comments, background)
WASHINGTON, Feb 5 (Reuters) - The U.S. senator leading the effort to pass a financial reform bill said on Friday he has reached an impasse with his Republican counterpart and will begin drafting new legislation to be considered later this month.
Christopher Dodd, the Democratic chairman of the Senate Banking Committee, said that he has reached an "impasse" with Republican Richard Shelby and it is "time to move the process forward," according to a statement.
"Last night, Senator Shelby assured me that he is still committed to finding a consensus on financial reform, but for now we have reached an impasse," he said.
Dodd said he has instructed his staff to begin drafting legislation to present to the committee later this month.
The committee has been working for months to craft a bipartisan version of financial reform, fearing that a bill with only Democrat support would not get enough votes to defeat Republican opposition.
The House of Representatives passed their version of legislation late last year, which did not get any Republican votes.
Dodd, who had broken up the committee into bipartisan teams to work on specific reform issues, said he will incorporate that work into the new proposal.
Congress is trying to construct an overhaul of financial regulations in the wake of the market meltdown that led to multi-billion dollar taxpayer bailouts of individual financial firms and the collapse of others, including Lehman Brothers.
Proposals include creating a consumer agency to police financial products, forming a systemic risk regulator and drafting stricter capital and liquidity requirements for financial firms.
President Barack Obama earlier this week pressed Democratic lawmakers to redouble their efforts to pass financial regulator reforms, telling them "our mission is far from accomplished." (Reporting by Kim Dixon and Karey Wutkowski, editing by Gerald E. McCormick)
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If they can not or will not do the jobs that we elected to do then The American People have to Vote them Out of Office. They only seem to listen to the American People around election time.
I have written a suggestion for all of them It might not be total correct but it is a start. Please read below.
Mr. President & Members of both Parties in Congress & the Federal Reserve Board & the Chairman of the Republican & Democratic National Committee
Here is a way that I believe will help the U .S. A. Balance the Budget and Solve the Two Major Problems that confront the American People. If you want to solve the Jobs Problem you must First solve the Housing Problem. I believe that my suggestions below will do just that.
I am 63 years old, a VietNam Vet and I was laid off in June of 2009 , which is why I am on Social Security, after working for the same company for 32 years, my wife has been out of work for 2 1/2 years after she was laid off after working for the same company for 24 years. We have 3 children and 5 grandchildren, we are trying to pay all our bills which include our mortgage on the house that we have lived in for over 20 years, but on it is very hard when we only have SS and unemployment coming in. I have a question for you and maybe a suggestion on how people like me can pay their bills, stay in their homes and have money to help get this great country moving and get people back to work.
Since Congress passed the Tarp Funds to help bail out the Big Banks and also helped Bail Out Big Business why can’t the same thing be done to help the American People. My suggestion is as follows:
a. use some of the Tarp Money to help people pay off all the mortgages, only on Primary Homes, this would let people stay in their homes.
b. use some of the Tarp Money to help people pay off all the Student Loans, .
c. use some of the Tarp Money to help people pay off Credit Card, Loans and other debits.
The above would remove all these Toxic Assets from the Banks Balance Sheets.
This doesn’t seem to be a bad idea since in 2008 the population of the US was approx 304,059,724 million people as per the U.S. Census Bureau, according to the US Census Bureau in 2008 the average family size was 3.20. To make the math easier lets say that they average family size is 3 that would me that there were 101,350,241.33 million families in the U.S. in 2008. If the government was to Loan each family lets say $2,000,000 Million Dollars to each family that would come to $202,700,482.66 Million Dollars.
According to the U.S. Census Bureau between 2006 & 2008 there were approx 51,487,282 million homes in the U.S. with mortgages, not sure how many were owner occupied but Only the Owner Occupied Homes would get there mortgages paid off. Something else would have to be done for renters. If people brought homes on speculation something would have to be done for them also. Right now I am concerned about the people, who are still living in their homes but are having a hard time paying the mortgages.
Once people have their homes paid for and have some extra money then they will start to think about spending on the things that they need and that will put people back to work. It would also allow people in their 60’s to not have to work and this will allow the younger generation a chance of getting a job.
On paying back the $202,700,482.66 Million Dollars, since the banks will now have all those Toxic Assets off their Balance Sheets and they will show higher profits a one time special windfall tax could be enacted to get the money back.
$101,350,241.33 million families
x
$2,000,000 Million Dollars to each family
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= $202 TRILLION dollars not million
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