I am proud of him for voting no. Nothing gets fixed after a bill passes.
Feingold Statement on Voting Against the Flawed Financial Regulatory Reform
« on: July 16, 2010, 08:01:44 AM » Reply with quote Modify message Remove message
John Nickols did an editorial on the passed reform bill and included Feingolds comment on his no vote. I thought I would highlight it and am glad to see he stood by his principles. Their is too much of "we will fix it later" crap --which never gets fixed-instead it gets more molded in stone.
http://feingold.senate.gov/record.cfm?id=326403.............Sanders offered a nuanced take on the measure, when went through the legislative wringer before emerging in final compromise -- and compromised -- form. The Vermonter called the overall legislation a “positive step forward” but said that much more must be done -- in the words of a statement released by his office -- "to end the greed and recklessness by the Wall Street financiers responsible for the worst economic collapse since the 1930s."
Sanders complained that:
* The bill does not breaking up banks deemed “too big to fail.” Incredibly, three of the four biggest banks in the country are larger today than they were before taxpayers bailed them out.
* The bill also fails to impose a cap on runaway credit card interest rates. Senators rejected an even more modest proposal to let states enforce their own usury laws.
On the plus said, says Sanders' statement, "the bill lifts the veil of secrecy at the clandestine Federal Reserve." In particular, the senator's statement says: "The legislation directs the Government Accountability Office to review all emergency actions by the central bank since the start of the financial crisis in 2007. The non-partisan research arm of Congress also will investigate apparent conflicts of interest involving the Fed and CEOs of the largest financial institutions in the country. The measure also makes the central bank divulge the identities of banks and other financial institutions that took more than $2 trillion in nearly zero-interest loans or loan guarantees."
Voting "no" were 38 Republicans and one Democrat in voting "no."................
So who is right? There is truth to be found in all of what Merkley, Sanders, Feingold and other honest players are saying. Ultimately, Feingold is right that the measure does not adequately protect against the recklessness of Wall Street. It provides some tools for beginning to address the worst abuses, however. So let's give agree with Sanders, who is spot on when he says "much more" must be done.
And who will do it? Bet on Merkley, Sanders, Feingold -- and a few other honest players, such as Ohio's Sherrod Brown -- do be in the forefront of the fight. And it will be a fight.
The Restoring American Financial Stability Act of 2010 cannot be the last word when it comes to addressing the sins of Wall Street and the big banks. Because if it is then Feingold will surely be right when he warns that the American people from will not be spared "the pain of another economic disaster."
John Nichols
http://www.thenation.com/blog/37541/financial-reform-passes-what-does-meanJuly 15, 2010
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