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Obama Signs Financial Reform Bill, Hails New Safeguards
By Alex Wagner - Politics DailyHailing the new Wall Street reform bill as one that will "empower consumers and investors, bring the shadowy deals that caused this crisis into the light of day, and put a stop to taxpayer bailouts once and for all," President Barack Obama on Wednesday signed into law the nation's broadest financial regulations since the Great Depression. In a signing ceremony at the Ronald Reagan Building in Washington, Obama was flanked by Vice President Joe Biden and members of Congress who worked to gain passage of the bill. In particular, the president acknowledged the bill's co-sponsors, Sens. Barney ...
Obama: Sweeping Financial Reforms Will 'Hold Wall Street Accountable'
By Patricia Murphy - Politics DailyIt took 20 hours and some frantic, last-minute dealmaking, but House and Senate negotiators wrapped up a marathon session Friday morning with a final deal to overhaul the American financial system nearly two years after the 2008 crisis that brought the American economy to the brink of collapse. Just before 6 a.m. Friday, bleary-eyed lawmakers approved the House-Senate conference committee report on a party-line vote of 27-16 after a grueling two-week session that Sen. Chris Dodd (D-Conn.) compared to living in purgatory. But as President Obama departed for the G-8 Summit hours after the ...
Washington in 60 Seconds: Mark Sanford Found . . . Kissing a Woman
By Patricia Murphy - Politics DailyGood morning, Capitolists! After a building-wide manhunt yesterday, The State newspaper found Gov. Mark Sanford kissing a woman in Columbia, S.C., who was not his wife. The woman was his ex-wife, Jenny Sanford, whom the governor pecked on the cheek after seeing her at a victory party in South Carolina. It's an oddly happy ending to the year-long soap opera, but the drama is just getting started in Washington today. Here's what's happening, in the next 60 seconds. - Judgment Day. Gen. Stanley McChrystal, the top American commander in Afghanistan, heads to the Situation Room today to discuss ...
It's Richard Blumenthal vs. Linda McMahon as Rob Simmons Bows Out in Conn.
By Walter Shapiro - Politics DailyThe Connecticut Senate race to replace the reluctantly retiring Chris Dodd has so far been a mixture of shock (Democratic nominee Richard Blumenthal falsely claiming to have served in Vietnam) and awe (Republican wrestling mogul Linda McMahon's determination to spend $50 million to win the seat). Former GOP Congressman Rob Simmons, who had originally hoped to run against the scandal-tinged Dodd, bowed to the inevitability of McMahon's money Tuesday morning when he suspended his bid to win the Aug. 10 primary. "We probably could have stuck it out for a few more months," Simmons said in a radio ...
Richard Blumenthal Apologizes for Vietnam Statements
By Patricia Murphy - Politics DailyConnecticut Attorney General Richard Blumenthal has formally apologized for repeatedly referring to himself as a Vietnam veteran or referencing his return from Vietnam, even though he served stateside in the Marine Reserves after receiving five deferments from joining the military. Blumenthal is the Democratic nominee to fill the Senate seat of Sen. Chris Dodd, who is retiring. "At times when I have sought to honor veterans, I have not been as clear or precise as I should have been about my service in the Marine Corps Reserves,'' Blumenthal wrote in a statement e-mailed to the Hartford ...
Fannie Mae Bailout: Mortgage Giant Wants More Taxpayer Billions
By Tom Diemer - Politics DailyTalk about bad timing. With the Senate in the thick of debate about reforming government oversight of the financial system, Fannie Mae, the quasi-public mortgage giant, reports that it lost $11.5 billion in the first three months of the year and needs another bailout --this time, $8.4 billion -- to keep going. Some Republican senators are so fed up that they introduced an amendment Monday to the reform bill calling on the Obama administration to cut loose Fannie and its cousin, Freddie Mac, within two years. Co-sponsored by Sen. John McCain (R-Ariz.), the proposal would force the companies to ...
Senate Ends Taxpayer-Funded Bank Bailouts
By Patricia Murphy - Politics DailyThe Senate made two significant changes to the Wall Street reform bill Wednesday, including a ban on using taxpayer money to salvage failing financial institutions. The amendments followed a breakthrough in negotiations between Democratic and Republican leaders. The first amendment came from Sen. Barbara Boxer (D-Calif.), who proposed banning federal funds from being used to bail out large financial institutions. Boxer called her amendment "an ironclad assurance that if a failing Wall Street firm is liquidated, the cost of that liquidation must come either from selling off the firm's assets ...
GOP Ends Filibuster of Wall Street Reform Measure
By Patricia Murphy - Politics DailyThe Senate agreed by voice vote Wednesday evening to end the filibuster of a major Wall Street reform measure, after Republicans earlier in the day had blocked debate on it for the third time in three days. "Now, let's get to work," said Senate Majority Leader Harry Reid after the vote. Democrats, who earlier Wednesday failed to muster the 60 votes needed to break the filibuster, had threatened to keep the Senate in session all night until Republicans relented. Frustrations ran high before the final voice vote to end the filibuster. "I understand having objections to parts of the bill, and ...
Financial Reform Puts Republicans on the Spot
By Joseph Schuman - AOL News(April 26) -- Even as they lost today's Senate vote on overhauling financial regulation, the Democrats expected to get a win. They probably did. The chamber's Republicans held together in opposing a vote to let debate on the measure proceed toward a final roll call, depriving Democrats of the needed 60 votes to override such a filibuster, and that was just fine for the Democrats. "It will reveal who believes we need to strengthen oversight of Wall Street, and who does not," Senate Majority Leader Harry Reid said shortly before the vote. "It will demonstrate who believes we need to ...
Wide Range of Wall Street Reform Critics
By Steve Pendlebury - AOL News(April 22) -- Not all the criticism of the Democrats' plan for new financial industry regulations is coming from Capitol Hill Republicans. As President Barack Obama demands action, commentators from across the political spectrum are calling for changes in Senate Banking Committee Chairman Chris Dodd's bill. (Click here for summary in PDF.) Their complaints fall into three broad categories. It Won't Really End 'Too Big to Fail' and Bailouts The initial attack, led by Senate Minority Leader Mitch McConnell, claimed that Dodd's legislation would institutionalize "endless taxpayer-funded ...
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