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The Spectacle Blog
The Senate passed the Dodd-Frank financial reform bill this afternoon, and will now go to President Obama for signing. David Indiviglio at the Atlantic has a good round-up of what’s in it (a lot). And also what’s not:
Capital Requirements: Although the legislation urges the new systemic risk council to establish higher capital requirements for banks, a specific new floor is not provided.
Leverage: The House bill would have limited bank leverage to 15 to one. The final bill does not. So unless the systemic risk council decides to impose such a requirement, the culture of high bank leverage will continue.
No Break Ups: Many believe that part of the systemic risk problem was created by allowing financial institutions to grow too large. This bill wouldn’t explicitly require any to be broken up, though the council may be able to do so under certain circumstances.
GSEs: Fannie Mae and Freddie Mac are largely considered a major cause of the housing bubble and are the biggest of bailout recipients. Yet the bill does not create new rules or changes for these firms.
Scott Brown, Olympia Snowe, and Susan Collins voted for the bill. All other Republicans voted against it. Russell Feingold voted against it.
View all comments (13) | Leave a comment
More Blog Posts by Joseph Lawler
http://spectator.org/blog/2010/07/15/financial-reform-bill-passes
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Bob| 7.15.10 @ 5:40PM
Congrats Rush Limbaugh, Sean Hannity, Laura Ingraham, Ann Coulter and you morons in the Tea Party movement who voted and supported him. Your boy Scott Brown is no better than the jerry-rigged Brown in California. And the GOP expects to win the Congress back...what a laugh and Mitch McConnell is a complete joke.
Kyle| 7.15.10 @ 5:49PM
I think voting in Brown seemed like a good move at the time. The only problem is that the conservative mouthpieces don't hold the feet of Republicans to the fire. It is July 15, Rush, Sean, etc., along with the Republican Congressional Leadership are whistling past the grave yard, hoping that nothing changes before election day. Therefore, there is a.) virtually no criticism of any Republican politician, even backstabber Charlie Crist b.) no cry for any repeals of legislation from the Republicans in Congress c.) no fillibusters d.) no chastisement of idiots like the Northeast Republicans. e.) McCain is getting yet another free ride.
Meanwhile, conservatives who want to rollback all of this socialism are left trying to defend Sharon Angle and Rand Paul while the RINOs continue to sail along to victory with loads of cash, just enough votes to enable Obama's agenda, etc., etc. After this election, if the same old same old continues in the GOP, Hello 3rd Party.
Jim Hlavac | 7.15.10 @ 6:34PM
So, if we supported Coakley, she'd have voted the same as Brown. So it's twiddledee and twiddledum, which is what the TEA party has been saying, and that's why we've got to remove both parties.
Thanks for reminding us Bob.
Tim*| 7.15.10 @ 6:48PM
Good Point Jim .
We ,Tea Party Rebels will get our shot to payback Brown's interim term in 2012 .
The Tea Party Rebellion Escalates For The Midterms .
We Remember in November.
Kyle| 7.15.10 @ 7:00PM
Hopefully, MA Republicans will have better memories than the huge majority of McCain voters in AZ. McCain is polling like 62%-19% over Hayworth. I know it is said by the conservative media that Hayworth is someone less than human, but at least he doesn't support Cap and Trade and Amnesty.
Bob| 7.15.10 @ 7:30PM
I smell a Dewey. Remember Thomas E. Dewey and his ticket mate Earl Warren. The pundits said the GOP dynamic duo was unbeatable in the summer of '48. Their handlers said do nothing/say nothing for good reason. Close scrutiny revealed how liberal they really were. Earl Warren proved that in spades years later. Same story today look how liberal the Republican hierarchy is including brand new impact senator Scott Brown. Party Chair Steele is no conservative and Presidential frontrunner Romney is no conservative so the current GOP, policy wise stands for nothing/saying nothing just like 1948 and we all know what happened to Dewey.
JmsA| 7.15.10 @ 8:42PM
I never deluded myself about Mr. Brown, given that he's from Massachussets. The mere fact that Mr. Kennedy (RIP) is long gone, is good enough for me.
Johanjj| 7.15.10 @ 9:48PM
RIP? Really? I have fond imaginings of Mary Jo Kopechne being given the opportunity to kick him in his fat posterior down to the Pit. In addition to Kennedy's other loathesome activities, his evisceration of Robert Bork enables Roe V. Wade to continue to kill how many children? He has a heavy price to pay for all those innocent souls.
(And yes, I agree Scott Brown is no 'real' conservative, but he is better than Martha "rubberstamp the agenda" Coakley.)
Jay| 7.16.10 @ 12:48AM
>>(And yes, I agree Scott Brown is no 'real' conservative, but he is better than Martha "rubberstamp the agenda" Coakley.)