Volcker Optimistic for Financial Revamping This Year

[TomCADem]

Source: NY Times

WASHINGTON — The White House and one of its top outside economic advisers, Paul A. Volcker, expressed confidence on Tuesday that legislation to overhaul the nation’s financial system would be completed this year, possibly before the Congressional summer recess.

“I feel more optimistic than I would have felt a month or two ago,” Mr. Volcker, who was chairman of the Federal Reserve from 1979 to 1987, said in a speech here at the Peterson Institute for International Economics.

Asked about reports that the Senate might move on the legislation by the end of May, the White House press secretary, Robert Gibbs, said, “I don’t think that’s an unrealistic timetable at all.”

The House passed a sweeping financial reform package in December, and the Senate Banking Committee did so last week, on a party-line vote. But Democrats would have to obtain some Republican support to overcome the potential threat of a filibuster in the Senate.

Read more: http://www.nytimes.com/2010/03/31/business/31regulate.html

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I am somewhat surprised that Volcker would feel confident. Senator Corker was organizing funderaisers in New York last week to cater to Wall Street bankers with his kill regulation message.

[msongs]

1. yes the banking industry is almost done writing the bill they will buy nt

[Demeter]

2. I'll Believe It When Geithner Is Gone

How can you have reform when the crooks are in charge? Even with the laws on the books, who will insist on enforcing them?

[seabeckind]

3. What? They see another few bucks they didn't grab the first time? n/t

[DLnyc]

4. Please write to the NYT to inform them that there is a mistake in their

article. The sentence
"But Democrats would have to obtain some Republican support to overcome the potential threat of a filibuster in the Senate."
should read
"But the Republicans could delay passage indefinitely by filibustering in the Senate, provided they can maintain unanimous opposition among their party in the face up public impatience as they effectively shut down the Senate."