Dems Plan to Toughen Wall Street Reform Bill on Senate Floor

[flpoljunkie]

Of course, the Democrats first need 60 votes to stop the Republican's filibuster to proceed to the financial reform bill!

Dems Plan To Toughen Wall Street Reform Bill On Senate Floor
by Ryan Grim

First Posted: 04-26-10 12:30 PM
Updated: 04-26-10 12:47 PM

If Senate leadership can overcome a Republican filibuster and begin debate on Wall Street reform, a group of Democratic senators will be ready with amendments to strengthen the bill on the floor, testing just how far centrist and conservative Democrats are willing to go to rein in the financial industry.

Sens. Sherrod Brown (D-Ohio) and Ted Kaufman will be pushing for an amendment curtailing the activity of the biggest banks and breaking many of them up. The amendment would limit the size of a bank's total assets to two percent of GDP and cap the insured deposits that one institution could control at ten percent of the aggregate.

Sen. Bernie Sanders (I-Vt.), possibly with GOP cosponsors, has an amendment that would open the Federal Reserve up to a real audit. The current language keeps much Fed activity in the dark.

Sen. Jack Reed (D-R.I.) has committed to introducing an amendment to create an independent Consumer Financial Protection Agency, rather than one housed within the Fed or another regulator.

Reed also has an amendment that would close the loophole in Sen. Chris Dodd's (D-Conn.) current bill allowing private equity and venture capital to avoid registering with and reporting to the Securities and Exchange Commission. Hedge funds have a similar loophole that will likely be attacked on the floor.

Sens. Jeff Merkley (D-Oregon) and Carl Levin (D-Mich.) will push to include what's known as the Volcker Rule -- legislation that would bar banks from engaging in trading for their own benefit rather than that of a client.

With a variant of the Levin-Merkley amendment, Sens. Maria Cantwell (D-Wash.) and John McCain (R-Ariz.) will make an effort to reinstate Glass-Steagall.

http://www.huffingtonpost.com/2010/04/26/dems-plan-to-toughen-wall_n_552026.html

[CaliforniaPeggy]

1. YES!

These are very good, very smart Senators, and I appreciate their efforts on our behalf.

K&R

[mvd]

7. As do I

Perhaps we learned on health care and won't give up. I personally think this bill passing is just as important as health care. :hi:

[FirstLight]

2. BRAVO!

I am glad to see the congress is willing to take risks and get stuff DONE!

let's go!

[benld74]

3. Another OH YEAH, moment in Congress coming in 3,2,1,,,

[benld74]

4. Another, OH YEAH, moment in Congress coming in 3,2,1,,,

[zipplewrath]

5. Don't like this one

The amendment would limit the size of a bank's total assets to two percent of GDP

Since that is a constantly changing number, it would seem problematic. Furthermore, I'm not sure what is so magical about 2%. And it implies that somehow 2 smaller banks failing is tolerable, but 1 large bank, twice the size, would be intolerable. There is a certain amount of "herd mentality" anyway on wall street and just because they are technically separate banks doesn't mean they won't be taking the same risks at the same time. It can still bring down the system when alot of them start failing at the same time. The real solution is regulating the risk they can take, and empowering the government to do orderly shut downs of failing institutions. Buried in there might be an incentive to to get too big, combined with risk. Because if you do, the fed is going to be interested in shutting you down sooner rather than later.

[flpoljunkie]

6. I believe it's 10%. Too big, but three banks already exceed that.

[flpoljunkie]

8. Bill must be strengthened with votes on these amendments when it finally hits the floor for debate

[AlinPA]

13. How does it get to the floor to debate?

[flpoljunkie]

14. When the Republicans can no longer hold their ranks. Dodd would not give Nelson all he wanted so

he voted with the Republicans. Reid will have to keep bringing the bill up for cloture until he succeeds.

Dems, do not cave and get a 'bipartisan' deal that precludes sorely needed amendments that will strengthen the bill.

[harun]

15. Someone will cave.

[flpoljunkie]

9. NOW: Bernie Sanders speaking again on the Senate floor on financial reform.

http://www.cspan.org/Watch/C-SPAN2.aspx

[Kdillard]

10. That would be great but we need at least 2 Republicans and they seem

Firm on not letting this move forward. Today was disappointing but I hope Harry is able to pull it off if he brings it back on Thursday.

[flpoljunkie]

11. Sanders done. Senator Sherrod Brown now speaking.

[AlinPA]

12. 56D + 1I (Sanders) vs (41R+1D (Nelson,NE))= 57 v 42. How does this move

to debate? (Lieberman is not dependable for either side) We can't depend on the two senators from Maine anymore, that's a thing of the past.

[flpoljunkie]

16. Kick! Now that the bill is coming to the Senate floor for debate! We must engage for the right!

The fight for real financial reform! And, not reform in name only! Remember, banks 'own the place.'

:kick: :kick: