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The Dodd-Frank financial reform bill passed the House of Representatives Wednesday by the count of 237-192. Three Republicans broke ranks to support the final bill.
Earlier, Democrats beat back a Republican motion to recommit that would have added back Ron Paul’s “Audit the Fed” amendment and also created an “end user” exemption for margin and clearing requirements for their derivatives. That failed in the House by a count of 229-198.
Speaker Nancy Pelosi called Dodd-Frank the toughest reforms in generations, which is technically true, considering that pretty much nothing tough on Wall Street has passed since the Depression. The bill has several notable provisions and will empower both regulators and consumers, but it does not change the fundamental structure of Wall Street enough, nor will it ensure the end of “too big to fail.” It improves upon the status quo, and is arguably better than what can be expected of a Congress captured by Wall Street. But it should not be overhyped, because it’s really the beginning of a process toward a saner, safer financial system. Chris Bowers has a thorough rundown of the highlights and lowlights of the bill.
Dodd-Frank now moves to the Senate, but will not pass before the Fourth of July recess. Scott Brown in particular has asked for time to form an opinion on the bill. After the recess, a replacement for the late Sen. Robert Byrd could be available to vote on it as well, which would ease Democratic efforts at passage.
UPDATE: The three Republicans voting yes on the Dodd-Frank bill were Joseph Cao (LA), Mike Castle (DE) and Walter Jones (NC). This is the second bill in a row that Castle, running for Senate in Delaware this year, has broken with his caucus and supported. He co-sponsored the DISCLOSE Act.
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I am totally sickened by the sight of the Democrats in the House voting against basic transparency and auditing of the corrupt Federal Reserve Monopoly.
Which side are the Democrats on? J.P. Morgan, Goldman Sachs, Kuhn,Loeb & Co, The Rothschilds, Wall Street…
It’s our money getting ruined!! As the Bank Monopoly prints away Trillions of U.S. Dollars and gives it away to their crooked Wall Street buddies, Foreign International Banks, Foreign Governments, Covert Operations, and bribes to politicians — just what do you think that does for Main Street?
It totally destroys the purchasing power of the United States Dollar and systematically generates a declining standard of living for average Americans. It also create the phony bubbles in our Economy that are based upon gimmicks and corruption. The money always gets concentrated in the hands of the filthy-rich elite while everybody else gets screwed.
This outfit needs to be audited and subject to the sunlight of full transparency. It is a sad day when the Democratic Party (aside from the few consistently good people like Alan Grayson, Dennis Kucinich, and a handful of others) have their heads up the butts of Wall Street and works to corruptly shut down a simple effort to have basic government accountability.
Is this RahmObama’s doing? or Pelosi-Hoyer? or both?
Way to go, Democrats!
Much ado about nothing, just more change we can believe in. We the people will bail out the banks and friends until we have nothing. Yep couldn’t get unemployment insurance for those that have run out but demos/repugs and wh were able to give ws everything they wanted and more.
Sort of like the imminent fixes to the health insurance reform.
Feingold is currently against it because it is a fig leaf that solves no serious problems while providing the impression that everything has been put to right. Even Volcker is reputed to be disappointed with the part that has been attributed to him. All-in-all, more of the same is not a solution.
http://www.youtube.com/watch?v=kavr1s6t054&feature=player_embedded
‘Scuse me while I have a good Thursday morning laugh imagining Scott Brown (R-Cosmo) “forming an opinion on the bill.”
Just forget the whole goddamn thing. By the time they’re done it will be a watered down piece of shit, just like healthcare. Both parties are absolutely worthless to average Amerikans.
The House will have to vote on it again when the Senate “Democrats” make some more concessions for Republican votes they’ll never get.
Couldn’t get it yet. Good thing not everyone gives up so easy. Click the link labeled “Senate GOP Blocks Unemployment Extension Again, But Passage Likely After Recess” below. Perhaps the Republics still have too much power.
Perhaps the Democrats are too spineless. They could sort out Nelson in a hurry with a few threats to his pet projects or his re-election funding but that might upset the “commity” of the Senate. F*cking jellyfish.
Jellyfish might be the best to be said. More likely, like the magic power of 60 votes, they want Nelson and other more overt Rs, to hinder them from having to vote on things that don’t promote contributions from the big spending lobbyists. Saving banks, via taxpayer debt, is where the money turns up.
Team Obama could actually lead on the unemployment benefits but we know how that story goes now that reruns are in their third season.
Exactly. As the laughingly named Senate Whip, that’s Dick Durbin’s job to whip Nelson in line. Citizens are bamboozled if they drink the Kool Aid and think that the Dems are “helpless” in the face of Nelson’s (R-GreedHead) “intransigence.” Spare me. It’s all more Kabuki show.
The Democrats are no more interested in strong financial regs than the Republicans. One and all, they are paid off by their corporate masters. I don’t see the Democrats as spineless in the least. They are actually, imo, showing plenty of spine: it takes a lot of spine and a lot of hide to completely go against what all of your constituents (aka the small people) voted you in to do. Spineless they are not. But they are also not: ethical, moral, doing their job, etc etc.
tinman:
I don’t support
Alan Grayson’s
Peace Party
So the Dems don’t want to see the Fed audited?
I wonder why.
I couldn’t agree more with your comments.
Well said.
“So this is change we can believe in”.
Just put Reform beside a bill and the media and diehard kool aid drinkers will get excited. We were promised no lobbyist in this administration and they are the ones lobbying against transparency-Volcker Rule, real reform, etc.
Our Congress works 90 days and only make $175k with benefits. What can we small people expect? Let’s pay them 5 million each and they cannot take any money from anyone without going to jail. Isn’t that where most thieves end up? Would that be enough to do the right thing for our country?
When they destroy our standard of living they can access their foreign bank accounts and move to Dubai or Brazil and leave us with nothing.
So, am I clear, did the FinReg bill lost both the original Paul-Grayson Fed audit bill and the recently passed Senate fake make-believe audit provision?