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UPDATE 1-US Senate Republicans block bank reform bill again
* Democrats again fall three votes short of 60 needed
* Senator Nelson again breaks ranks with fellow Democrats
* Republicans remain unanimous in opposition (Adds vote tally, Johnson comment, bill details, byline)
By Kevin Drawbaugh
WASHINGTON, April 27 (Reuters) - For a second time in as many days, U.S. Senate Republicans mustered enough votes on Tuesday to block debate of a Democratic bill that would bring the biggest overhaul of financial regulation since the 1930s.
President Barack Obama and the Democrats want tighter rules on banks and capital markets to prevent a repeat of the 2008-2009 financial crisis, which tipped the economy into a deep recession and unleashed reform efforts worldwide.
Many Republicans say they see a need for reform, but oppose the Democrats' bill as an overreach by government.
Senate Republicans voted unanimously on Monday to block formal debate on the bill. They were joined then, and on Tuesday, by a Democrat who broke ranks, Senator Ben Nelson.
There were 57 votes in favor of starting formal debate, three short of the 60 needed, and 41 votes against.
"I had hoped that the vote today would have allowed the Senate to move to consideration of Wall Street reform in a bipartisan manner," said Democratic Senator Tim Johnson.
"Instead, the minority has decided it's better to delay another day. The Republicans also have yet to put forth their proposal on this because they don't want the American public to know if it's tilted in favor of Wall Street."
The Democrats' bill would set up an "orderly liquidation" process for dismantling large financial firms in distress, aiming to prevent more taxpayer bailouts like that of insurer AIG in 2008 and avert bankruptcies like the shocking collapse of Lehman Brothers in the same year, which paralyzed markets.
The bill would create a new financial consumer protection watchdog inside the Federal Reserve; impose regulations on the unpoliced $450-trillion over-the-counter derivatives markets; curb risky trading by banks; force hedge funds to register with the government; and crack down on debt securitization. (Reporting by Kevin Drawbaugh; Editing by Dan Grebler)
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Triggering the Republicans’ process would require recommendations from regulators and a court order. Which means the government will have to be run by people who care about regulating. Republicans don’t want regulation and they will tell that to your face.
So why would I vote for a Republican? So they can put people in regulatory bodies that could care less about regulating in the name of protecting average Americans?
No thank you.
According to the 20-page summary of the counter-proposals, Republicans also want to create a financial consumer protection council, rather than the Democrats’ proposal for a financial consumer watchdog bureau that would be part of the Federal Reserve.
“consumer protection council”, “consumer watchdog bureau”? Sounds like the GOP agrees with the Democrats on something.
The President promised that he would go after Wall St. regardless of the cost….and he is doing it. He promised to pass Health Care Reform and followed through. The President negotiated a nuke reduction deal with Russia, re-enginnered the Afghanistan war, began withdrawing our Troops from Iraq. Have you ever seen a POTUS accomplish as much as President Obama in such a short time?
I don’t like everything Obama is doing but I do believe that he and the Democrats are actually delivering to their voters exactly what they said they would. Hate‘em or not, the Democrats delivered.
What has the Republicans Party done for its constituency? Did they deliver? I don’t think so.
I think it is about time that our leaders give some protections to the people; protections from banks, health insurance companies and other “blue sky” corporations. We can’t simply ask these corporations to act more ethically towards Americans; we must make laws to protect us.
It’s called regulation. Ever heard of it?
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.” – Thomas Jefferson 1802
Stop the Obama government takeovers or we all perish in enslavement!
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