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Republican Senator Blasts Obama Attempts at Financial Reform
The top Senate Republican blasted the Obama Administration's plans for financial industry reform on Tuesday. According to the Washington Post, Mitch McConnell, Senate Minority Leader, said "The fact is, this bill wouldn't solve the problems that led to the financial crisis. It would make them worse." He added, "This bill not only allows for taxpayer-funded bailouts of Wall Street banks; it institutionalizes them."
Predictably, McConnell was immediately slammed by Democratic officials and others. Consumer groups making light of the McConnell's recent trip to New York, sent e-mails saying, "McConnell slams financial reform bill after meeting with hedge fund managers and other Wall Street elites. "Deputy Treasury Secretary Neal Wolin said "There are no more taxpayer-funded bailouts, period." Wolin added "Insolvent firms would go away...the industry bears the financial burden, and the taxpayer bears none of it." In capitalism isn't the industry or corporation supposed to bear the brunt of, check that all of, the risk if they fail? Yes. People pretend the TARP bailouts were something new. That's a damn lie if I've ever seen one. ProPublica has a list of government bailouts going back to 1970! That's before I was born. So it's not new and anyone who says different is ignorant, an idiot, or a liar.
Democrats may get a financial reform bill passed because several Republicans, including the ranking Republican on the banking committee, Richard Shelby, are working on the bill.
However, some issues still remain, such as how to solve and regulate derivatives. According to WaPo, "a bipartisan effort to shape derivatives oversight stalled this week among leaders on the Senate Agriculture Committee." Senator Saxby Chambliss of Georgia, the top Republican on the committee, accused administration officials of being "intent on making this a partisan issue without Republican input." At the same time, Chairman Blanche Lincoln, an Arkansas Democrat, pushed ahead saying a bill "will bring 100 percent transparency and accountability to Wall Street" and will "go further than any other congressional or administration proposal to prevent future bailouts."
The Agriculture Committee handles complex financial reform like derivatives. Are you kidding me? Well, it's true, as true as the sky is blue. This country desperately needs new financial regulations, but Congress sends these important issues to the agriculture committee and then plays politics with us and our futures.