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Which Senators are Flush with Finance Cash?

April 8, 2010 - by Donny Shaw

"The banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place." - Sen. Dick Durbin [D, IL].

In a few weeks, the banks' "ownership" of Congress will be put to the test. The Senate is going to take up comprehensive financial regulatory reform legislation in May -- this is the main bill the banks are spending their political capital on to fight, and the Senate is where they are hoping to use their influence and make it friendlier to their business.

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State of Play: Senate Financial Reform

February 2, 2010 - by Donny Shaw

It's been almost two months since the House of Representatives passed their bill to overhaul regulations in the financial markets and implement some of the lessons learned from the financial crisis. The Senate, on the other hand, still hasn't taken up the issue. Since November, the Senate Banking Committee has been working to modify a draft version of a financial reform bill that was submitted by Chairman Chris Dodd [D, CT]. The committee has already missed several deadline for completing the bill and forwarding it to the full Senate, and they're now looking at trying to get it done before the President's Day recess, which begins on Feb. 12.

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"In a potential setback for the White House, committee members were said to be talking about reducing the proposed agency's status, possibly making it instead a division of a new systemic risk regulator or a new super-cop for banks," Reuters reports.

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