GOP Iffy About Financial Regulation
Matt | On 20, Apr 2010
Right on the heels of healthcare reform, the GOP is looking to get back at Democrats and the American people over financial regulation.
Here’s the scoop. A vote on Sen. Chris Dodd’s (D-Connecticut) financial regulation bill could come as early as next Monday. This legislation will attempt to reform some aspects of Wall Street that hand-carved the economic chaos of the past three years – including derivatives, oversight, and a rainy day fund, among other items. You would think that with everyone losing jobs, 401(k) plans, retirement accounts, etc. that the entire Congress would be on board for change. Ha! I’m ordering my ice skates for hell before that happens.
The GOP has already united and delivered a letter to Senate leadership to announce that all 41 of them are against the financial regulation. Figures. There are talks of them using the filibuster tactic of debating the bill to death to stop it from passing. Technically, they can do that, but not without a price. They are going to immediately look like the party that sided with the big banks – a week after Goldman Sachs went under SEC investigation for fraud.
So, as of Monday afternooon, Senate Minority Leader Mitch McConnell (R-Kentucky) has said that they are open to some compromise with Democrats. We’ll see if that really happens. They know the American people do not like Wall Street, so they should jump on board ASAP.
The whole thing will just leave you shaking your head. But, be ye warned that the GOP has at several points been firmly against this plan and much-needed consumer protections. It’s your right to be eaten alive by greedy banks and the financial system. You didn’t know that?