No agreement yet on U.S. financial reform-senator

WASHINGTON, April 28 | Wed Apr 28, 2010 7:24am EDT

WASHINGTON, April 28 (Reuters) - Democrats and Republicans have not yet reached an agreement on financial regulation reform, according to a Republican senator who planned to again vote on Wednesday against sending the legislation to the Senate floor for debate.

"We still don't have an agreement on going to the floor so I will (vote against it)," Senator Susan Collins, a moderate Republican, said on NBC's "Today" show. "But let me emphasize, Republicans are trying to strengthen the financial reform bill."

(Reporting by Tabassum Zakaria; Editing by Stacey Joyce)

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Comments (4)
speckles1956 wrote:
When the democratic plans for financial reform was announced, Republican minorityleader Senator Mcconnell realized that he had not felt so enraged since he was rejected for the part of banjo boy in Deliverance

Apr 28, 2010 7:58am EDT  --  Report as abuse
Acetracy wrote:
Every five to ten years the US financial markets have crashed due to a bubble in a major investment class: ’80s-JUnk bonds; ‘98-Russian bonds w/ LTC; 2000 – Internet; 2008-Real Estate. Unless the US goes back to Glass Steagall and separates Investment Bankers from banks and private clients, the process will repeat itself over and over again.

Additionally, the US needs to tax short term gains (under a year) at 70% and all derivative income/gains at 80%. Right now speculative trading rules the markets with Goldman Sachs program trades sometimes dominating more than 50% of NYSE daily volume. The speculators are ruining the US financial markets and in turn the economy.

Apr 28, 2010 8:14am EDT  --  Report as abuse
enazster wrote:
We need a stronger bill. The “too big to fail” institutions need to be chopped up into pieces that can be eliminated when, not if, their greed becomes criminal activity. After a few of these companies fail without a bailout you’ll see a change in their behavior.
But the Republicans are afraid to even talk about the bill in public. Not because they don’t want to reform a bad system but because they can’t let Democrats be seen as having ideas that work.

Apr 28, 2010 9:28am EDT  --  Report as abuse
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