financial reform

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GOP Focuses on Single Word in Financial Reform Fight

And the bill's offending word is: 'significantly'

(Newser) - Republicans have found another reason to oppose financial reform: They claim it will impose regulations on dentists, florists, and plenty of other small businesses, all because of a single word: “significantly.” The Senate bill states that the Consumer Protection Agency will only regulate those who provide significant consumer...

Hedge Funds Get 'Sweet Deal' in Finance Bill

Thanks to an army of lobbyists, they've dodged reforms

(Newser) - While Wall Street banks are being hauled before Congress for public reprimand, hedge funds and private equity firms have floated blissfully above the fray, thanks to an army of well-connected lobbyists. More than half of the 83 new lobbyists who signed up with the industry's two main trade groups last...

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

Obama: 'At Some Point, You've Made Enough Money'
Obama: 'At Some Point, You've Made Enough Money'
Gotcha Quote?
Apr 29, 2010 9:07 AM CDT

Obama: 'At Some Point, You've Made Enough Money'

Fox: President's 'outed himself' as a socialist

(Newser) - The right thinks it's found a new killer soundbite to drive home how socialist Barack Obama is. Stumping for financial reform in Quincy, Illinois, Obama said, “We're not trying to push financial reform because we begrudge success that's fairly earned. I do think at a certain point you've made...

GOP Drops Filibuster on Financial Reform

They agree to allow the bill onto the floor for debate

(Newser) - The three-day standoff over the financial reform bill is over in the Senate. Now the real fight begins. Republicans dropped their filibuster and allowed the bill to proceed to the floor for debate instead of blocking it a fourth time. Talks to forge a bipartisan deal behind closed doors apparently...

GOP Blocks Debate on Financial Bill for Third Time

Political stalemate continues in the Senate

(Newser) - See if this sounds familiar: Republicans today blocked debate on a financial reform bill in the Senate, reports the AP . As promised, Harry Reid tried for the third time in as many days to bring the bill to the floor, only to run into unified GOP opposition. He said earlier...

Voinovich to Break GOP's Finance Filibuster

And he expects 'a whole bunch' of Republicans to join him

(Newser) - If Senate Republicans don't strike a deal with Democrats on financial reform soon, George Voinovich is going to cross party lines to insist on a floor debate—and he expects “a whole bunch” of other Republicans to make the same decision, he said yesterday. The American people “want...

Senate GOP Again Blocks Debate on Financial Reform

A third test vote is expected tomorrow

(Newser) - For the second day in a row, Senate Republicans have blocked action on legislation to impose greater federal control on the nation's financial industry. Today's vote was 57-41, three short of the 60 needed for Democrats to advance their measure. Democrat Ben Nelson again joined Republicans. A third test vote...

Reid Shows Canny Side on Finance Bill
Reid Shows Canny Side on Finance Bill
OPINION
Apr 27, 2010 6:39 AM CDT

Reid Shows Canny Side on Finance Bill

Wiser from health reform, leader will force votes til it passes

(Newser) - Harry Reid showed that he'd learned a thing or two from health care reform yesterday when he called the Republicans' bluff on financial reform, writes Chris Weigant. The Senate majority leader "is showing real strength, and real leadership" by refusing to water the bill down to please Republicans and...

GOP Blocks Test Vote on Finance Reform

Democrats vow to try again this week

(Newser) - Senate Republicans have blocked Democrats' efforts to begin debate on overhauling the nation's financial regulatory system. The vote was the first Senate showdown on the sweeping legislation. Democrats failed to get the 60 votes today needed to begin debate. One Democrat, Sen. Ben Nelson of Nebraska, voted with the Republicans...

Dems Tell Buffett to Stuff It
 Dems Tell Buffett to Stuff It 
Apr 26, 2010 10:49 AM CDT

Dems Tell Buffett to Stuff It

Berkshire provision killed in financial reform legislation

(Newser) - Democrats today agreed to torpedo the sweetheart derivatives provision Warren Buffett was lobbying to insert into their financial reform legislation, the Wall Street Journal reports. The decision comes scant hours after the Journal 's original front-page report that Ben Nelson had managed to jam the provision into the Agriculture Committee's...

65% of Americans Back Stricter Financial Controls
65% of Americans Back Stricter Financial Controls
new poll
Apr 26, 2010 9:18 AM CDT

65% of Americans Back Stricter Financial Controls

Even split on Obama's handling of issue, and reining in derivatives

(Newser) - Two-thirds of Americans say they support tighter regulation of banks in a new Washington Post -ABC News poll, and majorities also agree with the two main components of the Senate bill Democrats are poised to introduce this week: more federal oversight of consumer loans (59% to 38%), and making banks...

Buffett Lobbies Dems to Soften Derivatives Rule

And he may succeed in getting current contracts exempted

(Newser) - Warren Buffett, the guy who once called derivatives “financial weapons of mass destruction,” is now lobbying Democrats to soften their restrictions on derivatives in the upcoming financial reform bill. It seems they would, as presently written, hurt his bottom line. Berkshire Hathaway has $63 billion in derivatives, the...

Real Subprime Scandal Is Ratings Firms, not Goldman
Real Subprime Scandal Is Ratings Firms, not Goldman
paul krugman
Apr 26, 2010 5:48 AM CDT

Real Subprime Scandal Is Ratings Firms, not Goldman

99% of AAA-rated subprime securities now junk

(Newser) - Goldman Sachs won't come out of the Senate financial reform hearings smelling of roses, but it's the much bigger stink coming from credit ratings firms that lawmakers should focus on, warns Paul Krugman. Emails released by the Senate subcommittee probing the financial crisis show how corrupt the system of credit...

Clock Ticking, but No Deal Yet

 Clock Ticking, 
 but No Deal Yet 
talk show roundup
Apr 25, 2010 11:29 AM CDT

Clock Ticking, but No Deal Yet

Test vote on financial reform expected tomorrow

(Newser) - Harry Reid still plans an important test vote on financial reform tomorrow, but there's no bipartisan deal yet. Lead negotiators Chris Dodd and Richard Shelby said on Meet the Press they'll keep working on it today, reports CNN , while Mitch McConnell is sending filibuster signals. "It’s my expectation...

Krugman: Don’t Cry for Wall Street - NYTimes.com
 Obama, Please Screw the Banks 
Paul Krugman
Apr 23, 2010 10:20 AM CDT

Obama, Please Screw the Banks

President doesn't have to play nice with these guys

(Newser) - Barack Obama went to New York yesterday to beg Wall Street to play nice on financial reform, and Paul Krugman really wishes he hadn't. Obama said reform would ultimately help the financial industry, but Krugman doesn't see the need to play nice with the big banks. “Reform actually should...

Reid Gambles by Pushing Reform Vote
Reid Gambles
by Pushing Reform Vote
Apr 22, 2010 6:50 PM CDT

Reid Gambles by Pushing Reform Vote

Monday's action on the financial bill is politically risky

(Newser) - Harry Reid's decision to schedule a crucial test vote Monday on the financial reform bill is a political gamble, write Carrie Budoff Brown and Meredith Shiner at Politico . For starters, he still needs to convince one Republican to oppose a filibuster between now and then, and while talks seem to...

Obama Finally Goes On Offensive

 Obama Finally 
 Goes On 
 Offensive 
opinion
Apr 22, 2010 1:37 PM CDT

Obama Finally Goes On Offensive

Democrats have clear advantage on financial reform

(Newser) - EJ Dionne sees a newly aggressive Barack Obama recognizing that he can put Republicans on their heels with financial reform. Republicans for the first time "are uncertain as to whether resolute opposition to a Democratic idea is in their political interest," he writes in the Washington Post . "...

Democrats, Be Careful What You Wish for
Democrats, Be Careful
What You Wish for
karl rove
Apr 22, 2010 1:00 PM CDT

Democrats, Be Careful What You Wish for

Get financial reform wrong, and it will backfire badly

(Newser) - Democrats are in rough shape heading into the midterm elections, which is why they're so giddy about the financial reform bill. They think it can "put some distance between them and the Obama administration's reckless spending policies over the past year," writes Karl Rove. "They believe that...

Key Piece of Financial Reform Passes

Derivatives measure even gets one Republican vote

(Newser) - More progress today on the financial reform bill: The Senate Agriculture Committee approved a bill to regulate the derivatives industry, and chairman Blanche Lincoln even got a Republican on board in the form of Chuck Grassley. The measure is seen as one of the more significant components of the overall...

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