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CFPA Still Languishing In The Senate

February 17, 2010 - by Eric Naing

Republicans and a handful of pro-business Democrats are standing in opposition to an independent consumer financial watchdog agency – a central pillar of President Obama's financial regulation agenda

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Congress Links

February 1, 2010 - by Eric Naing

President Obama's 2011 budget dropped today and grabbed most of the headlines, but it wasn't the only thing happening on Capitol Hill. Here's what you might have missed: The Washington Post chronicles the slow death of the Consumer Financial Protection Agency. What once was a key component of President Obama's plan to regulate the financial industry has slowly lost more and more of its teeth as the proposal works its way through the legislative process. The House already passed a version of th...

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Bean to Withdraw Preemption Amendment

October 19, 2009 - by Paul Blumenthal

In stunning loss for the big national banks, Rep. Melissa Bean (D-Ill.) is withdrawing an amendment to a financial regulatory bill in the House Committee on Financial Services' mark-up. The amendment would have preempted national banks from additional regulation at the state level.

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Finance Regulatory Bill to Move in Fall

September 1, 2009 - by Paul Blumenthal

The television and Internet are plastered with health care coverage, but there are other issues bound to move through Congress this fall. One issue that appears to be moving soon is a package of new financial regulations, which include the Consumer Financial Protection Agency Act of 2009 (H.R. 3126). House Financial Services Committee Chair Barney Frank has tentatively scheduled a vote in committee for the CFPA Act on September 23.

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House Approves "Pay-As-You-Go" Budgeting Rules

July 22, 2009 - by Isabelle Cutting

The Statutory Pay-As-You-Go Act of 2009 passed after consideration in the House this afternoon by a vote of 265-166. The bill seeks to establish exactly what it defines in its title as a form of budget enforcement - that Congress can only spend money if it saves at least the same amount elsewhere.

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Although a majority of the House of Representatives supports auditing the Fed, Sen. Jim DeMint [R, SC] is one of only a handful of Senators supporting an audit in the upper chamber. Yesterday, he made his first attempt at getting legislation for an audit through the Senate.

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Today begins what is probably the most important month in Congress and the Obama Administration's work on reforming the health care system and addressing the issue of climate change. On August 7, Congress will leave for a month-long recess. Between now and then, they hope to pass bills for both of those issues in both chambers, confirm Sonia Sotomayor to the Supreme Court and finalize work on a number of appropriations bills that are necessary to keep the government up and running. Below is a quick update on where things stand with four of the biggest issues currently before Congress -- health care, climate change, financial regulatory reform and immigration.

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There's a lot happening on the Hill this week, and we'll be covering it all and providing links to others who are covering it as best we can. With so much happening, I thought it would be useful to take a step back for a big-picture look at how Congress' next few months are shaping up. Click through for an update on where things stand with four of the biggest issues currently before Congress -- health care reform, climate change, financial regulatory reform and immigration.

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Rep. Ron Paul (R-TX) is best known in Congress for two things: voting "no" on seemingly non-controversial legislation and proposing controversial legislation that excites his libertarian base but stands zero chance of becoming law. This session, however, Federal Reserve Transparency Act of 2009, is gaining enormous momentum and may see a committee hearing soon.

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Inspector General Capture

June 8, 2009 - by Donny Shaw

Later this year, Congress will take a stab at reforming the financial regulatory system that pretty much failed to address any of the sketchy, unsustainable and fraudulent activities in banking that led to our current financial crisis. The House making an initial, small move this week to improve oversight at the regulatory agencies by helping their inspector generals remain objective and independent.

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Poor Little TARP Banks

May 28, 2009 - by Donny Shaw

The big banks, like Bank of America, Citigroup and JP Morgan Chase, have been getting just about anything they want out of Washington these days. There is one thing, however, that so far they have been denied: the ability to get instant refunds on taxes paid on past profits up to five years back, or "carry-back" relief. But they have begun lobbying to get a piece of the relief.

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Gun amendment will get a separate House vote

May 20, 2009 - by Donny Shaw

That guns-in-parks amendment that was attached to the credit card reform bill in the Senate isn't a done deal. Huffington Post: The House Rules Committee decided by voice vote Tuesday evening to split apart the credit card bill passed by the Senate Tuesday, slicing out an amendment added by Senate Republicans that would allow possession of firearms in National Parks. That gun amendment will be voted on separately and then will be recombined with the bill before it goes to the White House. ...

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The Argument Against Auditing the Fed

May 18, 2009 - by Donny Shaw

Somebody - NYU Prof. Thomas F. Cooley to be exact - is taking the unpopular position of opposing Rep. Ron Paul's bill (H.R.1207) to bring some transparency to the Federal Reserve. Here's an excerpt from his, recent Forbes column:

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Recent Senate Votes

May 14, 2009 - by Donny Shaw

There were a few interesting votes in the Senate yesterday that are worth mentioning -- on gun rights, capping credit card interest rates and publicizing national debt data. All on amendments to the Credit Cardholders' Bill of Rights Act of 2009. Click through to see how your senators voted.

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South Dakota Dems and the Credit Card Bill

May 12, 2009 - by Donny Shaw

Looking at the Credit Cardholders' Bill of Rights Act of 2009, which is being debated right now in the Senate, I see that I missed something interesting in the voting from when the bill went through the House. The vote to pass the bill in the House was strongly bipartisan, with 82 percent voting in favor, including 105 Republicans. As I look back at the vote now, the thing that surprises me is that the Democrats were not unified in their support of the bill. A single Democrat voted against it -- Rep. Stephanie Herseth Sandlin [D, SD-0].

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