Sen. Richard Shelby [R, AL], who just two weeks ago said that "safety and soundness [of banks] trumps...the consumer finance whatever," is all of a sudden championing a stand-alone Consumer Financial Protection Agency (CFPA), the Washington Post reports:
Read Full Article
Staff members for Sen. Richard C. Shelby (Ala.), the ranking Republican on the Senate banking committee, sent a proposal to their Democratic counterparts last week that would create an independent consumer financial protection agency, according to sources familiar with the negotiations.
When financial reform negotiations broke down a couple weeks ago, Sen. Bob Corker [R, TN] (pictured at right) was the one to stand up and say that a bipartisan bill was still possible. Last week, when the Republicans refused to participate in the mark-up of the bill, Corker called it "a very large strategic mistake," adding that financial reform "is an issue that almost every American wants to see passed." But today he announced that he "absolutely cannot support" the bil.
Senate Democrats, as we know, need to pick off at least one Republican, in addition to holding their own party together, to overcome an inevitable Republican filibuster. They have basically three options -- find a Republican other than Corker who may be willing to vote for the bill, negotiate down some of the provisions to a point that Republicans can support it, or call the Republicans' bluff and just bring the bill to a vote.Read Full Article
Sen. Christopher Dodd [D, CT] unveiled his long-awaited financial reform bill this afternoon, calling it the most sweeping reform of Wall Street since the 1930s. It's a 1,336-page document, which you can read in full here (PDF). But in case your not in the mood right now to dive into the details of derivatives reform, consumer financial protection and systemic risk regulation in full legalese, I've converted the 11-page summary from Dodd's office into HTML and posted it here. This is no substitue for a thorough, independent analysis, but it at least gives you a sense of the bill's scope -- what's in it and what isn't.Read Full Article
You would think the White House would get behind a proposal that is sponsored by a full 3/4ths of the House of Representatives, but they're not.
Ryan Grim of Huffington Post reported today from a briefing with Treasury Secretary Timothy Geithner and a couple Treasury officials that they are "intensely opposed" to the Ron Paul-Alan Grayson bill to require a full audit of the Federal Reserve. The bill has already passed the House as a part of the broader financial reform package (H.R.4173) and it is immensely popular with the public as well as Members of Congress -- the stand-alone version of it has 317 co-sponsors in the House and 33 sponsors in the Senate. According to sponsorship statistics, it's the most popular bill in Congress right now.Read Full Article
Sen. Jim DeMint [R, SC] is one of the 31 co-sponsors of Sen. Bernie Sanders' [I, VT] popular "audit the Fed" bill (S. 604). But he has also introduced his own version of the bill that would maintain the Fed's current level of secrecy under the guise of the "audit the Fed" ethos (S. 2939).Read Full Article
Still no path forward for health care reform. House Democrats have a light legislative schedule this week, and they will hear Obama's State of the Union address on Wednesday. The Senate's going to be voting on a slate of controversial deficit amendments and on confirming Fed Chief Ben Bernanke to another term.Read Full Article
The shocking Massachusetts Senate election has everyone talking about health care. But not Sen. Bernie Sanders [I, VT]. He thinks the Massachusetts voters were reacting to the state of the economy, not the health care bill.Read Full Article
Congressional leaders may have decided which bills to bring in front of the C-SPAN cameras over the past year, but they didn't control what the public paid attention to and what bills got them talking. Nearly 10,000 bills have been introduced in Congress over the past year. In many cases the ones that have really caught the public's attention are different from the ones that were sanctioned and promoted by the congressional leadership.Read Full Article
Ron Paul's bill to bill to audit the Federal Reserve would make new information about the central bank's activities available to members of Congress. OpenCongress users have suggested a simple improvement to the bill to make the Fed truly transparent.Read Full Article