Democrats’ Financial Reform Looks Like a Protection Racket
by OffSite (4/29/10)
If you can only read one article on the Dodd financial reform bill, read this guide to what the legislation proposes and what it doesn’t propose in today’s Washington Independent. It’s the most understandable summary I’ve read anywhere. Republicans would be smart to introduce amendments to it such as Rep. Ron Paul and Sen. Chuck Grassley’s proposals to audit the Fed, whose books are holding over $1 trillion in mortgage-backed securities from Fannie Mae and Freddie Mac, as well as toxic assets from Bear Sterns. They’d also do well with Sens. John McCain and Maria Cantwell’s planned amendment to re-introduce the Glass-Steagall provisions that were repealed in 1999, which outlawed banks from engaging in commercial and investment activities at the same time. My favorite is language that Republicans are urging to ensure there would be no more taxpayer-funded bank bailouts.
Democrats are really playing games with this bill--shutting Republicans out of negotiations, as they did with the health care bill, then accusing them of being “obstructionists” afterward. But by offering some amendments that promote transparency and fiscal responsibility, Republicans have an opportunity here to stand on the side of small businesses and community banks and take the high road. And if they do take the high road, they won’t be running into the Democrats. Full Piece
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