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Dems Drop Bank Tax for Republican Votes on Financial Reform

July 1, 2010 - by Hilary Worden

In their attempt to wrangle enough Republican votes to pass the financial reform bill, Democrats have dropped a $19 billion tax on big banks and hedge funds. Senator Scott Brown [R-MA] in particular raised objections to this provision, believing that the cost would be passed on to customers.

Before the tax was added to the bill, the Congressional Budget Office estimated that the costs of implementing the bill would most likely be about $19 billion more than the revenue it would raise. The tax was added by Representative Barney Frank [D-MA] to cover this difference, and ensure that banks helped pay for regulation. The tax would have been imposed on “financial companies” with more than $50 billion in total assets, and “financial companies that manage hedge funds with $10 billion or more of assets under management.”

Now that the new tax is out, the $19 billion will be covered mainly by ending TARP earlier, which is expected to save $11 billion. Also, FDIC fees will be increased for banks with over $10 billion in assets, which is expected to raise around $5.7 billion.

The House passed the conference report yesterday, but the Senate is not expected to vote on it for at least a couple of weeks. Although Senator Brown has yet to commit to voting again for the bill, Senator Susan Collins [R-ME] has said she will now support it. Democrats may also be hoping for the support of Senator Olympia Snowe [R-ME], who helped get the bill past 60 votes in May, and Senator Chuck Grassley [R-IA].

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Comments

  • Jonapoo4u 07/01/2010 1:31pm

    who cares really? pass the damn UI

  • Comm_reply
    Chris51 07/03/2010 9:48pm

    Why don’t our Republican Senators get that there is a great need?

    The job market is broken.
    The corporate executives are not going to give up their year-end profit bonus by adding jobs/payroll to their companies.

    Here are a few stories on our jobless nation:

    Job recovery hits a wall
    http://money.cnn.com/2010/07/02/news/economy/jobs_june/index.htm

    Job gloom at all time high
    http://money.cnn.com/2010/07/03/news/economy/discouraged_workers/index.htm

    7.9 million jobs lost- many forever
    http://money.cnn.com/2010/07/02/news/economy/jobs_gone_forever/index.htm

    Jobless claims spike
    http://money.cnn.com/2010/07/01/news/economy/jobless_claims/index.htm

    Thousands at risk for losing unemployment benefits
    http://www.myfoxphoenix.com/dpp/money/job_news/unemployment-benefits-jeopardy-6-28-2010

  • Comm_reply
    Chris51 07/10/2010 9:05pm

    Oil & Gas Industry, history of strong influence in Washington. Individuals and political action committees affiliated with oil and gas companies have donated $238.7 MILLION to candidates and parties since the 1990 (Bush Senior term) election cycle, 75% of which has gone to REPUBLICANS…
    Former oilmen George W. Bush and Dick Cheney occupied the White House for 8 yrs, the oil and gas industry could not win support for repealing bans on drilling in the Arctic National Wildlife Refuge. However, Congress voted in 2008 to lift a ban on offshore drilling… Read full story: http://www.opensecrets.org/industries/indus.php?ind=E0

    Drilling bans were lifted during Bush’s last months in WhiteHouse in 2008. The After consumers & transportation industry & economy felt the pain of $1-$2 price hikes of gas, during Summer 2007. It was “the straw that broke the Camel’s backs”, PUTTING USA/AMERICANS INTO TAIL SPIN. Opensecret.org

  • Comm_reply
    Chris51 07/10/2010 9:06pm

    Republicans only care about one thing, their own job preservation. Reps are working hard to win November’s election with the help of Tea Party Movement (FreedomWorks) and their BIG CONTRIBUTIONS FROM SPECIAL INTEREST.

    Oil&Gas Industry Contribution 2009-2010
    Koch Industries $724,300 14% Dems, 86% Repubs

    Kosh has made big contributions to FreedomWorks, a non-profit that funds Tea Party. These 2 organizations are putting a great deal of pressure on Senators to not support UI Ext. with stimulus that require corporations to help pay back through taxes.

    Most big corporations have made record profits this year by cutting jobs long-term. They started layoffs in 2007, and putting millions of Americans on unemployment.

    They created the business mantra of “DO MORE, WITH LESS”, causing todays workforce to do more job responsibility with no more pay.

  • UnemployedAmerican2010 07/01/2010 2:55pm

    LOL..only the damn BANKS care i guess

  • Comm_reply
    Chris51 07/01/2010 7:47pm

    The Senate needs to be held accountable for their incompetence and lack of integrity. Shame on them for not coming up with a 100% solution for all Americans who are forced to survive on their UI.

    President Obama can’t sign a bill, if Congress doesn’t get it to him. President Obama’s discussed the economy, and the need to help the displaced unemployed with UI Extentions on Monday and Tuesday. CSPAN.ORG

    As of today, we have 9.9% unemployed, 55% of the workforce have taken reduced work hours, pay-cuts, unpaid leave, forced to switch to part-time, and BP Oil Corporation’s IRRESPONSIBLENESS is adding to LOST JOBS and LOST LIVES.
    1.2 million who will lose their Unemployment Insurance if Republicans get their way.
    The GOP have no vested interest in hearing or helping jobless people. The only communication Republicans hear is $$$$$. That’s why they listen to and only support Oil Companies, Insurance Companies, Banks, Big Corporations, and Wall Street. www.change.org

  • Chris51 07/01/2010 3:24pm

    Corporations have increased their cash reserves to $1.84 TRILLION, THE HIGHEST FIGURE IN HISTORY! Big business and the banks, after an unprecedented bailout by the public treasury, are hoarding the funds (Americans pay this back on their IRS tax bill). BIG CORPORATIONS EXECUTIVES ARE MAKING BIG BONUSES AND GETTING SALARY INCREASES FOR SHOWING HUGE PROFITS. The cash reserves of major corporations have jumped 26 percent in one year, the largest percentage increase in nearly 60 years. The cash reserves of working people, and particularly the unemployed, have not been so fortunate.

    REPUBLICANS bloc, the SENATE vote and defeat a proposed extension of unemployment benefits for unemployed workers. Many of these same Senators rushed through a $700 BILLION bailout of Wall Street in 2008 in a matter of days, cannot bring itself to support even the most meager subsistence for the unemployed workers who are the victims, not the perpetrators, of the economic crisis.
    WWW.CHANGE.ORG

  • Chris51 07/01/2010 9:43pm

    SHAME, SHAME, SHAME to Republicans and those few Democrats who blocked several U.I. Ext. bills from passing they turned their backs on THE PEOPLE again.

    Most of these same House Representatives and Senators united to pass bills that gave their Wall Street/Banks SEVERAL billion $$$s in bailouts in 2008, starting with JP MORGAN CHASE, one of the many banks that took advantage of consumers.

    Then their oil companies made billions in profit during the summer of 2008, as they strategically increased gas prices by $1-$2 on Americans at the pump. Americans had to pay for gas to get to work. Soon American’s household budgets were out of balance, and started foreclosing on home loans.

    Your companies stayed fat$$ at the top by cutting jobs, while leaving The People jobless, without Unemployment Insurance, struggling and sadly disillusioned.
    www.change.org

  • Comm_reply
    Chris51 07/10/2010 1:55pm

    Top 5 Contributions from Oil&Gas Industry 2009-2010:
    1 Koch Industries $724,300 14% Dems, 86%Repubs
    2 Exxon Mobil $548,214 13% Dems, 87% Repubs
    3 Chevron Corp $516,891 18% Dems, 82% Repubs
    4 Valero Energy $467,000 17% Dems, 83% Repubs
    5 Marathon Oil $378,190 23% Dems, 76% Repubs

    http://www.wvcoal.com/ 2007 data
    Chevron Total coal production: 12.1 million tons
    ExxonMobil Total coal production: 2.1 million tons

    Tea Party Movement benefits from millions of dollars from conservative foundations that are derived from wealthy U.S. families and their business interests. Money flowing primarily through two conservative groups: Americans for Prosperity and FreedomWorks. FreedomWorks receives substantial funding from David Koch of Koch Industries, the largest privately-held energy company in the country, which make substantial annual donations to conservative org…
    http://www.sourcewatch.org/index.php?title=Tea_Party_movement_funding

  • Comm_reply
    Chris51 07/10/2010 1:56pm

    Sharron Angle a Tea Party favorite:
    If you’ve been following the ongoing Senate campaign of Nevada hopeful Sharron Angle, you know that she’s sick and tired of the long-term unemployed taking home all of those cushy unemployment benefits. Angle’s angle is that these millions of Americans are just living large on the dole and need to have their unemployment benefits terminated so that they will be motivated to go out and get a job — one of the millions of magical jobs that exist in Sharron Angle’s mind!
    http://www.huffingtonpost.com/2010/06/30/sharron-angles-unemployme_n_631350.html

  • Comm_reply
    Chris51 07/10/2010 2:04pm

    Letter was written to Senators:
    On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to carefully consider all aspects of H.R. 4213…

    If the bill comes to a vote as currently formulated, we encourage you to vote NO, and will track the vote on our Economic Scorecard….

    FreedomWorks (FreedomWorks funders for Tea Party ;)

    http://www.freedomworks.org/publications/freedomworks-to-senate-remove-job-killing-taxes-fr

  • Chris51 07/02/2010 6:14am

    The Senate needs to be held accountable for their incompetence and lack of integrity. Shame on them for not coming up with a 100% solution for all Americans who are forced to survive on their UI.

    President Obama can’t sign a bill, if Congress doesn’t get it to him. President Obama’s discussed the economy, and the need to help the displaced unemployed with UI Extentions on Monday and Tuesday. CSPAN.ORG

    As of today, we have 9.9% unemployed, 55% of the workforce have taken reduced work hours, pay-cuts, unpaid leave, forced to switch to part-time, and BP Oil Corporation’s IRRESPONSIBLENESS is adding to LOST JOBS and LOST LIVES.
    1.2 million who will lose their Unemployment Insurance if Republicans get their way.
    The GOP have no vested interest in hearing or helping jobless people. The only communication Republicans hear is $$$$$. That’s why they listen to and only support Oil Companies, Insurance Companies, Banks, Big Corporations, and Wall Street. www.change.org

  • Chris51 07/06/2010 1:32pm

    Great reporting on YouTube.
    http://www.youtube.com/watch?v=Ljoh5oW1Yb8

    This news reporting, the debates on CSPAN, and OpenCongress.com help give the public a close-up look at our cRepresentives job incompetence.

    Congress should draft up a “Fairness To Jobless Citizen’s Act”, that would remove incompetent Senators and be required to replace them with an unemployed American that will appreciate the job opportunity, work hard and will be effective for The People.

  • Chris51 07/07/2010 9:06pm

    CNN has actually screened and blocked several comments/blogs that expose the truth about the Republican Senators in regards to the UI Ext bills.

    Here are some stories written with very accurate reporting of the UI Ext Crisis.

    The unemployment emergency
    http://www.washingtonpost.com/wp-dyn/content/article/2010/07/05/AR2010070502658.html?hpid=opinionsbox1

    Senate struggles with unemployment benefits
    http://www.csmonitor.com/Money/Tax-VOX/2010/0707/Senate-struggles-with-unemployment-benefits

    Calls to Suicide Hotlines Skyrocket Along with Unemployment
    http://uspoverty.change.org/blog/view/calls_to_suicide_hotlines_skyrocket_along_with_unemployment

  • Chris51 07/08/2010 9:33am

    Read and sign this petition on Change.org today if you agree.

    Petition Title: Tell your Senators to vote for an emergency extension of UI Benefits.

    http://uspoverty.change.org/blog/category/employment_unemployment

  • Chris51 07/08/2010 6:00pm

    Senator’s excuse for not passing is a false statement.
    Read all about it:
    The funding argument is even harder to swallow. I’d be more sympathetic with these new converts to fiscal responsibility if they were as enthusiastic about paying for extending $32 billion worth of special interest tax breaks as they are about funding the unemployment extension. If I understand correctly, these lawmakers insist that Congress fund every dime of added jobless aid, which nearly all analysts agree will help boost the economy. But they feel no need to pay for continuing these special interest tax breaks, which will not.
    Full Story:
    http://www.csmonitor.com/Money/Tax-VOX/2010/0707/Senate-struggles-with-unemployment-benefits

  • Chris51 07/08/2010 6:34pm

    GOP are determined to bloc everything the President is trying to do for the USA right now. He has a vested interest, and seems to take pride in doing the best job he can while in office.
    We are in trouble as long as Republican politicians continue favoring their special interest.
    How can any CEO or Owner of business get anything done if half of his managers or executives stand in his way just to be defiant.

    President Obama speech on CSPAN today, while in Kansas City, MO to support a future candidate. Was right on.
    If you are an unemployed American, and are thinking no one understands the difficulties of being jobless. Obama speech articulated the financial and emotional struggles well. Hat’s off to the President for saying what needed to be said.

    http://cspan.org/Watch/Media/2010/07/08/HP/A/35248/Pres+Obama+Remarks+at+Fundraiser+for+Missouri+Senate+Candidate+Robin

  • Spam Comment

  • Chris51 07/11/2010 9:38am

    Governer Machin like most Americans. He wants to preserve the job he has(Politician), and advance his career. He is probably making decisions by listening to political power and money. Does anyone really think he or any of the SENATORS who have stood in the way of passing Unemployment Insurance Extension to the millions who need it, are losing any sleep?

    The worse SENATORS are the ones who are probably lining their pockets big time right now by being the one vote that completely blocks UI Bills from passing. That would probably be Senators like Ben Nelson and Jim Bunning on the obvious ungly corrupt Senator list.

    The millions of ordinary Americans that have been forced into unemployment lines may not have very much money, or even empathy from other fellow employed Americans at this point, but you have the power of your vote in November. Take names, and make sure you make it to that appointment.

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