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View Full Version : Nat'l Security Two legs of the triple crown almost completed.


Direckshun
07-13-2010, 10:38 AM
Next up: climate change.

http://online.wsj.com/article/SB10001424052748704288204575363041621621632.html

Finance Bill Close to Passage in Senate
Democrats Clinch Support of Republicans Brown and Snowe, Likely Reaching the 60 Votes Needed for the Legislation.

By DAMIAN PALETTA
JULY 13, 2010.

WASHINGTON—Two Senate Republicans said Monday they would support the Obama administration's financial-overhaul legislation, and Democrats now believe they have the 60 votes needed to push the sweeping bill into law by the end of the week.

Softening the bill's impact on asset management and mutual-fund companies, such as Massachusetts-based State Street Corp. and Fidelity Investments.
Scrapping a planned levy on large banks and hedge funds that was supposed to pay for potential costs incurred by the bill.

Sens. Scott Brown of Massachusetts and Olympia Snowe of Maine both said they would vote for the measure when Democrats bring it to a vote, which could happen as soon as this week. Democrats and administration officials believe this gives them the necessary backing to overcome a potential filibuster after weeks of uncertainty and unexpected pitfalls.

Because the House of Representatives passed the bill by a 237-to-192 margin several weeks ago, Senate passage would send the bill to the White House, where President Obama is expected to quickly sign it into law.

"It is a better bill than it was when this whole process started," Mr. Brown said. "While it isn't perfect, I expect to support the bill when it comes up for a vote."

All three Republicans expected to vote for the bill secured changes to the bill addressing pet issues or constituent concerns.

Two Senate Republicans said they planned to support the financial overhaul bill, likely giving the White House the 60 votes it needs to push the sweeping rewrite into law soon. David Wessel discusses.
.Sens. Snowe and Brown withheld support during the July 4 recess, saying they needed more time to study the 2,300-page bill. They will join Sen. Susan Collins (R., Maine) as three Republicans who have now committed to vote for the bill.

Their votes offset the loss of Democratic Sen. Russell Feingold of Wisconsin, who said he would vote against the bill, and Sen. Robert Byrd, who died last month and has not yet been succeeded.

Senate Majority Leader Harry Reid (D., Nev.) said the Senate would now "finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible."

Still, even with the support of the three Northeastern Republicans, the vote remains on a knife's edge, with just 60 expected in support. Sowing a fresh element of doubt, Sen. Ben Nelson (D., Neb.) said Monday he had not decided whether to vote for the bill because of concerns over whom the White House would name as head of a new consumer-lending regulator.

The math appears, nonetheless, to have finally lined up for the White House, which has pushed to overhaul financial regulations for more than a year, despite fierce resistance from business groups and many Republicans. White House and Treasury Department officials declined to comment on the developments.

Many Republicans have panned the bill, saying it would drive up the costs of credit and harm the U.S.'s competitiveness. They have also complained that the bill does little to address Fannie Mae and Freddie Mac, the mortgage finance giants that have remained under government control since 2008.

But almost all Democrats and now a handful of Republicans have said the bill makes structural changes to the oversight of regulation that would fix problems exposed during the financial crisis. Democrats made the bill a major domestic priority, and some hope the new layers of regulation on finance will appeal to voters during the November midterm election.

The bill, the product of negotiations between House and Senate lawmakers last month, would tighten regulations governing almost every corner of financial markets, in a bid to prevent another financial crisis and better handle one if it arrives.

The bill would boost powers of agencies such as the Federal Reserve and Securities and Exchange Commission, create a new regulator to monitor consumer lending rules, give the government the power to break up failing companies and toughen scrutiny over exotic financial products like derivatives.

If the bill becomes law, the banking industry is expected to shift their lobbying focus from Capitol Hill to the bank regulators, which will have the job of writing hundreds of new policies to implement the new rules. Regulators will have discretion in implementing rules in many areas that affect financial companies, and those decisions will likely be debated for years.

The regulators' discretion will likely be a flashpoint in coming days, as signaled by the concerns raised by Mr. Nelson on Monday about the consumer agency, which is designed to operate independently of other regulators.

"You have to have some checks and balances there," Mr. Nelson said. "You can't just send a rogue agency out on its own."

Cognizant that Democrats needed some Republican support to push the bill into law, the White House agreed to multiple changes in recent months.

To win Mr. Brown's support, Democrats limited the bill's impact on asset-management and mutual-fund companies, such as Massachusetts-based State Street Corp. and Fidelity Investments, specifically a provision that curbs institutions' ability to make financial bets with their own money. They also scrapped a levy on large banks and hedge funds designed to pay for potential costs incurred by the bill—reopening the bill after it was technically closed to tinkering when Mr. Brown made a stink... To win backing from Ms. Snowe, Democrats agreed to an amendment resisted by liberal groups that could exempt many small businesses from the reach of the new consumer regulator. It would require the Federal Reserve Bureau of Consumer Financial Protection to consider the impact of any new rules on seasonal businesses, which are common in Maine, and to limit the impact of rules on small businesses that don't securitize their debt.

To win Ms. Collins's support, Democrats attached an amendment that tightens the rules governing the reserves banks must hold as a cushion against losses, a move that could force many large institutions to raise fresh capital.

Sen. Maria Cantwell (D., Wash.) voted against an earlier version of the overhaul bill in May, but she agreed to support the measure because of changes giving regulators more power to enforce violations of derivatives rules.

Sen. Charles Grassley (R., Iowa) voted for the earlier version of the bill in May, but he has recently raised concerns about the way the bill is being paid for, and Democrats are no longer counting on his support.

petegz28
07-13-2010, 10:42 AM
So glad they are focusing on jobs...

KC Dan
07-13-2010, 11:00 AM
So glad they are focusing on DESTROYING jobs...
fyp

ClevelandBronco
07-13-2010, 01:04 PM
I for one am hoping that they are able to pass the most leftist, draconian nightmare of a climate change bill imaginable. It's high time to punish any industry this nation has left and raise prices across the board.

Embrace the chaos.

Direckshun
07-13-2010, 01:10 PM
I for one am hoping that they are able to pass the most leftist, draconian nightmare of a climate change bill imaginable. It's high time to punish any industry this nation has left and raise prices across the board.

Embrace the chaos.

They're actually going to have to race to pass even the most minimal energy bill possible.

Time's running out, and they won't be able to address climate change or new energy technologies or dependence on foreign oil when the GOP gains more seats.

ClevelandBronco
07-13-2010, 01:15 PM
They're actually going to have to race to pass even the most minimal energy bill possible.

Time's running out, and they won't be able to address climate change or new energy technologies or dependence on foreign oil when the GOP gains more seats.

True, but it's a dream and you can't rob me of my dreams.

HonestChieffan
07-13-2010, 06:32 PM
Wait till the screams start from people getting credit cards canceled. This will be so good. The po folk who Obama loves so much are about to find out they are no longer worth the risk. Oh and stuff you buy will be higher cause the fees charged to business will go up to cover the shortfalls created by government interference. And some businesses may just say no to credit cards.

Unintended consequences of this bill will be a treat to see. Banks required to maintain greater reserves....oh damn, less money to loan to people who think Barney frank is gonna give them a house. Damn.

Sure is cool we are about to create level upon level of new bureaucrats almost at the same time the Clown in chief announces our new passion and vision for fiscal restraint.