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financial reform
Wall Street Reform Clears Congress, Will Become Law
By Patricia Murphy - Politics DailyA sweeping overhaul of Wall Street firms and American financial institutions won final congressional approval Thursday afternoon when the Senate voted 60-39 to pass the reform bill. Three Republicans voted with the Democrats to approve it and one Democrat, Sen. Russ Feingold of Wisconsin, voted against the bill. Because the House approved the same measure in June, the legislation will now go to President Barack Obama. On Tuesday, Obama praised the legislation and promised to sign it next week. "What members of both parties realize is that we can't allow a financial crisis like this one that ...
GOP Sees Political Advantage Opposing Banking Bill
By not in system - AOL NewsWASHINGTON (July 14) -- Cast this debate as big banks versus big government. Despite lingering public anger at Wall Street, most congressional Republicans oppose the tougher financial regulations that Congress is expected to send to President Barack Obama this week. The GOP is betting that the bill's ambitious goals will be lost on voters and instead feed an election-year narrative that Democrats stand for bigger, more intrusive government. Republicans are throwing up a final procedural roadblock to the bill Thursday. The sweeping regulatory overhaul is expected to make it through the ...
Steny Hoyer: Democrats will not Lose House
By Brian Schneider - Politics DailyWASHINGTON -- House Majority Leader Steny Hoyer, D-Md., said Tuesday that Democrats will not lose control of the House of Representatives to Republicans as a result of the November elections. "Are there enough seats in play? Probably close," Hoyer said. "The fact that they're in play does not mean by any stretch of the imagination that we will lose the House. I don't think we will lose the House." Hoyer's comments followed remarks Sunday on "Meet the Press" by White House Press Secretary Robert Gibbs, who said "there's no doubt there are enough seats in play that could cause Republicans to ...
Three Republicans Break Ranks, Back Finance Bill
By Joseph Schuman - AOL News(July 13) -- President Barack Obama could sign into law a historic overhaul of rules and oversight for Wall Street as early as this week after three Republicans broke ranks with their party to back the measure and give Democrats a filibuster-proof majority. Sens. Scott Brown, the Massachusetts moderate elected in January, and Olympia Snowe of Maine said they had spent the July 4 break examining the 2,315-page finance regulation bill worked out by House and Senate negotiators in June and decided any lingering concerns about it were addressed. The House passed the bill late last month, but the ...
Gaffe-o-Rama: Boehner, Biden, Obama and Palin
By Steve Pendlebury - AOL News(July 2) -- Talk about making a mountain out of an anthill. House Minority Leader John Boehner's poor choice of words to criticize financial reform legislation ignited a public spat that drew as much attention this week as the bill itself. In a Pittsburgh Tribune-Review interview published Tuesday, the Ohio Republican likened the bill to "killing an ant with a nuclear weapon." Democrats couldn't believe their luck. The White House and top Democrats on Capitol Hill scrambled to charge that Boehner was trivializing the financial crisis. House Speaker Nancy Pelosi's communication chief told ...
Opinion: What's Really 'Too Big to Fail'?
By not in system - AOL News(July 1) -- The financial reform bill passed by the House on Wednesday is, among other things, supposed to deal with the "too big to fail" problem among financial institutions. That issue -- too big to fail, or TBTF -- is everywhere these days. The concern is about institutions that grow so large that the government has no choice but to bail them out when things go wrong. It's certainly a concern, but in all the debate over TBTF, the one institution that deserves attention always gets overlooked: government. To get a sense of its size, think of the federal government as a corporation; ...
House Votes in Favor of Financial Overhaul Bill; Senate Stalls
By Carl Franzen - AOL NewsToday the House of Representatives voted 237-192 (largely along party lines) in favor of the most comprehensive financial reform legislation in generations: the Restoring American Financial Stability Act of 2010. While an enormous forward step for the bill's backers -- including Rep. Barney Frank, D-Mass., Sen. Chris Dodd, D-Conn., and President Barack Obama -- today's vote remains just shy of a true political and legislative victory. That's because the Senate elected to delay its hearing on the bill until after the Fourth of July holiday recess, citing an inability to drum up the 60 votes ...
House Passes Sweeping Financial Overhaul
By Christopher Weber - Politics DailyThe House on Wednesday has passed sweeping reforms of the way Wall Street does business, nearly two years after the 2008 crisis that brought the American economy to the brink of collapse. The party line vote was 237 to 192, with all but three Republicans opposing the legislation that would enact the most comprehensive overhaul of financial regulation in decades, The New York Times reported. The bill would create broad new oversight and regulations for financial institutions, including banks, hedge funds, insurance companies and even car dealers, all designed to rein in the risks and highly ...
Obama Hails Deal on Sweeping Financial Reform
By not in system - AOL News(June 25) -- It 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. ...
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 ...
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