{"id":2096,"date":"2010-07-01T03:06:16","date_gmt":"2010-07-01T10:06:16","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=2096"},"modified":"2010-07-01T12:39:11","modified_gmt":"2010-07-01T19:39:11","slug":"have-gop-sabotaged-finance-reform","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2010\/07\/01\/have-gop-sabotaged-finance-reform\/","title":{"rendered":"Have GOP Sabotaged Finance Reform?"},"content":{"rendered":"

Scott brown already had made a backroom deal in exchange for his vote.\u00a0 He got a weakening of the Volker Rule.\u00a0 At the eleventh hour he wanted more.\u00a0 He got it.\u00a0 Now he\u2019s \u201cthinking it over\u201d.<\/span><\/p>\n

\"bipartisan_b2284\"<\/a> The Senate will not be able to complete legislation to overhaul the nation\u2019s financial regulatory system this week, the majority leader, Harry Reid of Nevada, said on Wednesday, after Senator Scott Brown, Republican of Massachusetts, announced that he would use the Fourth of July recess to study the bill.<\/p>\n

The House is expected to approve the final version of the bill later on Wednesday [and they did], but Mr. Reid conceded that he would not be able to schedule a vote in the Senate this week without the unanimous consent of Republicans, many of whom oppose the bill.<\/p>\n

Mr. Brown, who had supported the Senate version of the legislation, threatened on Tuesday to block the final measure because it contained a tax on big banks and hedge funds to pay for the heightened regulation of the financial industry.<\/p>\n

Democrats need the votes of at least two Republicans to advance the legislation, and they quickly agreed to remove the bank tax and adopted a new plan to come up with the roughly $20 billion over five years that the tax would have generated<\/strong>.<\/p>\n

But with Senate Republican leaders eager to deny Democrats and President Obama another accomplishment heading into the weeklong recess, Mr. Brown\u2019s reticence essentially provided a minor victory to the G.O.P.<\/p>\n

Senate Republicans have been working to slow the legislative schedule as much as possible, and Mr. Reid will now likely have to use up the better part of a week to complete the financial regulatory bill \u2013 a measure that was widely predicted to pass. Congress returns on July 12. In a statement on Wednesday, Mr. Brown thanked House and Senate negotiators for removing the tax, but he would not commit to supporting the bill<\/strong>\u2026 [emphasis added]<\/p><\/blockquote>\n

Inserted from <NY Times<\/a>><\/p>\n

The new plan to come up with the $20 billion gets the funding from two sources.\u00a0 About $12 billion will come from unspent stimulus funds.\u00a0 The rest will come from an increase of the fee for FDIC coverage.\u00a0 Now those unspent stimulus funds did not appear out of thin air.\u00a0 Those are taxpayer dollars, and worse yet, that money is now unavailable to spend on the creation of desperately needed jobs.\u00a0 The FDIC fee increase will effect mainly smaller banks, who will pass the fees on to consumers in increases service fees.\u00a0 What Scott Brown (color of shit) has done is shift the cost of financial reform from the Banksters, whose reckless greed almost destroyed our economy, to taxpayers and consumers who have already been hit with lost jobs, foreclosures, stagnant wages, etc.\u00a0 This deal lets the guilty off the hook and fines the victims of their crimes.\u00a0 I\u2019m so angry I could scream.<\/span><\/p>\n

Chris Hayes and Sherrod Brown (color of goodness) provide some perspective.<\/span><\/p>\n

<\/embed><\/object><\/span><\/p>\n

Visit msnbc.com for breaking news<\/a>, world news<\/a>, and news about the economy<\/a><\/p>\n

I think we need to approach it this way.<\/span><\/p>\n

I think the Democrats should take the latest deal off the table.\u00a0 Obama should impress the WV governor with the need to fill the Byrd vacancy quickly and impress Russ Feingold that his help is needed to make the banks pay for it.<\/span><\/p>\n

Congressional Democrats need to refer to the the GOP Seal shown above, whenever they expect a Republican to keep his word.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Scott brown already had made a backroom deal in exchange for his vote.\u00a0 He got a weakening of the Volker Rule.\u00a0 At the eleventh hour he wanted more.\u00a0 He got it.\u00a0 Now he\u2019s \u201cthinking it over\u201d. The Senate will not be able to complete legislation to overhaul the nation\u2019s financial regulatory system this week, the […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2096","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/2096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=2096"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/2096\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=2096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=2096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=2096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}