Black Tuesday: FinReg Goodies Handed Out to One Industry After Another

By: Wednesday June 23, 2010 6:15 am

Yesterday was a singularly unimpressive day at the Wall Street reform conference committee, with concessions and industry giveaways galore. It was not completely devoid of success. Despite being housed inside the Federal Reserve rather than as an independent agency, the Consumer Financial Protection Bureau retained its independent budget and somewhat independent rulemaking authority (the Office [...]

Mostly A Win on Swipe Fees

By: Monday June 21, 2010 1:15 pm

The headline of this Reuters piece concerns the destination of the consumer protection bureau, and the news that the House will allow the Senate configuration, where it’s housed inside the Federal Reserve. That isn’t a huge deal. First of all, it was expected – the Senate is the base text, and on contentious issues it’s [...]

Who Are the FinReg Villains?

By: Friday June 18, 2010 1:51 pm

After the first week of the conference committee for Wall Street reform, I would call the verdict middling. Reformers have won some victories – all hedge funds and private equity firms will have to register with the SEC, credit rating agencies will be on the hook for standard liability for negligence, the Fed audit is [...]

Will Blanche Lincoln Back Car Dealers Over Consumers Today?

By: Monday May 24, 2010 1:29 pm

There’s a bit of unfinished business happening in the Senate on the financial reform bill today. Senators will vote on two nonbinding “motions to instruct” conferees of the conference committee ironing out differences between the House and Senate versions. These nonbinding instructions would offer the sense of the Senate on how the conferees should proceed, [...]

FinReg Passes The Senate After Banksters Stare Down Auto Dealers

By: Thursday May 20, 2010 6:26 pm

So I leave for just a couple of hours, and the story I’ve been following for weeks comes to a resolution. Sheesh… OK, so here’s what happened, as best as I can tell. Last I left things, cloture had passed on the Wall Street reform bill, but there were two outstanding post-cloture amendments. One concerned [...]

What Was Scott Brown Given For His Vote On FinReg?

By: Thursday May 20, 2010 1:30 pm

Ezra Klein has an excellent post challenging the conventional take that invoking cloture on Wall Street reform is an unalterably good thing. In particular, he takes a look at Scott Brown, who was the only member of the Senate to switch his vote on cloture from no to yes today: Brown’s objection was that he [...]

Merkley Offers Second-Degree Amendment To Force Vote On Merkley-Levin

By: Wednesday May 19, 2010 9:12 am

Here’s the showdown. Jeff Merkley just offered a second-degree amendment to force a vote of the Merkley-Levin bill to the floor. More in a moment… …The story so far, Merkley and Levin were blocked last night from offering their amendment. Byron Dorgan used this trick of a second-degree amendment last night to force a vote [...]

Cloture Filed On Wall Street Reform, But Lots More Battles Expected

By: Monday May 17, 2010 4:12 pm

Senate Majority Leader Harry Reid, as expected, filed cloture on the financial regulatory reform bill in the Senate, meaning that the cloture vote could happen as early as Wednesday night. However, in filing cloture, he also said that there will be voting on amendments tomorrow and even on Wednesday. Because Democratic Senators out on the [...]

Amendments Update, Wall Street Reform

By: Monday May 17, 2010 10:31 am

Votes are scheduled to begin on amendments to the Wall Street reform bill tonight at 5:30 pm ET. We don’t know precisely which amendments are pending, but we do know that the McCain-Cantwell amendment to restore Glass-Steagall protections was mentioned on Thursday night as being on the list. However, those lists haven’t been totally accurate. [...]

Consumer Financial Protection Faces Hurdles

By: Friday May 14, 2010 12:13 pm

If you were to ask me where Wall Street reform stands right now, I’d give it an incomplete. Well, actually I’d give it a C. There are some decent measures in the Senate bill, even a couple transformative ones, but overall some gaps in the regulatory structure remain, and the same financial oligarchs will have [...]

Used Car Salesmen Tap Brownback to Protect Their Dealmaking in FinReg

By: Wednesday May 12, 2010 9:59 am

In the House Financial Services Committee, Republicans and some conservative Democrats managed to carve out an exemption for auto dealers from oversight by the Consumer Financial Protection Agency, over opposition from the White House and the Democratic leadership. Now the same interests are working with Sam Brownback in the Senate, who is offering an amendment [...]

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