OpenCongress Blog

Blog Feed Comments Feed More RSS Feeds

The Dodd-Frank financial regulatory reform bill that the Democrats passed last year didn't take an aggressive approach to fixing the too-big-and-interconnected-to-fail problem that necessitated the bank bailouts. The Senate rejected an amendment to the bill that would have broke up the biggest banks and, instead, created a "Systemic Risk Council" to determine which banks are too big and interconnected and make them follow tougher capital and leveraging requirements. It's supposed to keep the giant finance companies on a tight leash and avoid the shocks to the financial markets that would be caused by restricting the growth of a Goldman Sachs or Bank of America.

But it's not guaranteed to work, and I'd say the latest comments from Tim Geither, who is going to chair the council, do not inspire much confidence:

Read Full Article Comments (3)
 

A New Obama Jobs Bill

September 1, 2010 - by Donny Shaw

Having pushed aside energy/oil spill legislation until the lame-duck session, the weeks between when Congress reconvenes from the August recess on September 13 and before they adjourn for election season in October will be focused on one thing -- saving the U.S. economy from slipping deeper into recession. There's a small business jobs bill on tap (H.R. 5297), a vague plan to do something with the expiring Bush tax cuts, and now, according to the Wall Street Journal, a new jobs package from the Obama Administration.

Read Full Article Comments (8)
 

Financial Reform Roundup

April 16, 2010 - by Donny Shaw

The big Wall Street reform bill (S.3217) could hit the Senate floor as soon as next week. The legislative pieces are falling into place, the White House is staking out its position and the Republicans are firming up commitments of opposition from their more moderate members. Here's a roundup of the latest financial reform news out of the Senate.

Read Full Article Comments (1)