GOP, Democrats at an impasse before key vote on financial overhaul

[TomCADem]

Source: Washington Post

Senators will face a crucial test vote Monday that could clear the way for debate on far-reaching legislation to overhaul the nation's financial regulatory system -- or end in a partisan standoff -- as Wall Street once again takes center stage on Capitol Hill.

* * *
Senate Republicans said Sunday they plan to block efforts to move forward with an overhaul bill unless Democrats alter central elements of the legislation. Meanwhile, Democrats and Obama administration officials spent much of the day finalizing strict new rules to rein in the huge derivatives trade, including measures that could threaten profits at some of the biggest banks.

* * *
The two parties must find common ground over the "Volcker rule," a proposal that would ban Wall Street banks from engaging in certain investment activities, such as owning hedge funds. They also have lingering disagreements about the details of the proposed consumer regulator.

Republicans have also objected to measures that would roll back the doctrine of preemption, which allows big banks to answer solely to federal regulators. Dodd and the Obama administration want states to have the authority to press beyond federal laws, arguing that preemption has prevented state regulators from quelling obvious abuses.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/04/26/AR2010042601502.html

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Watch Bob Corker vote agaisnt the liquidation fund that he is proponent of! Watch Grassley vote against the derivatives regulations that he voted for in committee! Watch Republicans rally to the defense of Goldman Sachs! Where are the anti-Wall Street Tea Partiers by the way? Are they still waiting for Fox News to tell them what to think?

[Bigmack]

1. I just hope the Dems roll over quickly...

and don't let their embarrassment drag on and on like with health care.

Surrender is sooo much better than fighting for anything!

[tridim]

3. WTF does that mean?

The Dems are NOT going to roll over for anyone. They're doing what the majority of the people want them to do.

Yet, you're complaining for some reason. Why?

[No Elephants]

8. Live and learn.

I didn't realize a majority of Americans wanted the consumer protection agency under the FED. You know, the same agency that presided over the biggest economic collapse in American history, in part under Bernanke and, of course, as to NY (where Wall Street is), directly under Timmeh Geithner?

I also didn't realize a majority of Americans want derivatives "reigned in," as opposed to eliminated.

Didn't know a majority of Americans joined the WH in opposing the break up of companies that are "too big" to fail."


See, I thought a majority of Americans didn't even know what is in this bill--and, if they did know, would be against at least those elements of it.


As I said, live and learn.

[TomCADem]

4. Fox News Headline Will Be: Democrats Oppose Republican Efforts To Reign In Wall Street!

The Democratic efforts to regulate derivatives will be portrayed as an incremental step toward tyranny! Likewise, the efforts to rollback federal preemption will be portrayed as a step towards anarchy. Never mind that rolling back preemption is the opposite of federal expansion, the Tea Partiers will oppose it.

Of course, the Democrats will surrender. Because the people will demand that they do so. Just like HCR and just like immigration, the Tea Partiers will start phoning in the death threats in order to kill the bill, because in the world of Fox News, a vote for Goldman Sachs is a vote for the common man.

[DonCoquixote]

2. Never forget

Whenever the GOP calls for "going back to the drawing board", they mean "let's hang on until 2012 so we can get President Palin to kill this."

[TomCADem]

5. Firedoglake - "Where Are the Tea Party Protests About Wall Street?"

The amazing thing about this whole debate is that the Tea Partiers, who were angry at Wall Street, are nowhere to be found. Worse, some are even protesting financial reform. Why? Cenk answers below:

http://seminal.firedoglake.com/diary/42764

We’re down to the wire here on financial reform. I can’t think of a better time to put pressure on Wall Street and Washington to make sure there is adequate regulation to ensure that we never have another bailout. The AFL-CIO is about to have a protest at Wall Street on April 29th. Great, that makes sense. I’m sure the right-wing groups who are also upset about the bailouts will join them.

If you remember, the Tea Parties were originally formed to protest the bailouts. They were so mad at the Wall Street bankers who destroyed the economy and then took our hard earned money for their efforts.

So, they will take this opportunity, of course, to launch their own protest of Wall Street. They will protest the TARP money, the easy credit, the lack of regulation, the wild risk taking and the excessive bonuses paid with taxpayer money. They’re really going to take the fight to them.

Just kidding. They’re not going to do anything. They’re going to sit out this fight on financial reform and put absolutely no pressure on Wall Street at all. Because they are tools easily manipulated by right-wing organizations funded by corporate America.

I really feel sorry for them. They’re dupes. They think they are so fiercely independent when in fact they are the most easily manipulated people in the country. All that anger toward the power establishment and what happened? They were used by that same establishment to fight against health care reform and to try to protect the health insurance companies. Suckers.

Now, when it’s time to fight the financial companies, where are they? Nowhere to be found. Why? Because FreedomWorks and Americans for Prosperity didn’t organize any bus rides to Wall Street. They didn’t manufacture the outrage they did in protecting the health care companies. They used the Tea Party protestors for their own purposes and then left them on the side of the road, only to be picked up again when they need to protect another company or industry.

[tomm2thumbs]

7. +1 ... so true, they didn't get the buses out

and without buses, no one comes or cares. Afterall, without buses, there isn't any license-plate-Bingo or other social activities that are the only things these idiot fuddy-duddies have to look forward to in their sorry, sad little Fox-driven lives.

oh, and the smell of bus fumes which becomes akin to smoking weed

[w4rma]

6. What happened to States Rights? Republicans don't actually support it when it counts!

The Republican Party are nothing but greedy con artists.