Apr 01
2010
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Financial reform going nowhere fastPosted by Ron F in Senate Banking Committee, Risk, Regulation, Paul Volcker, Federal Reserve, Consumer Financial Protection Agency, Congressoinal Oversight Panel, Congress, compliance, Chris Dodd, banking reform, Banking, bank failures, bailouts |
I see that the slow boat to financial reform continues to drift sideways, as Senate Banking Committee member Bob Corker followed Paul Volcker's call for action yesterday with a sorry-no-can-do.
Unlike health-care reform, Democrats will need the support of a Republican like Corker to get a bill containing resolution authority for big banks, derivatives regulation, and consumer protection enacted this year. Only one piece of legislation can be passed through the budget reconciliation process in any one year, and now that the process was used for health-care reform, everything else will require a filibuster-proof majority that the Democrats no longer have.