Senate talks could dilute proposed consumer agency

[The Northerner]

Source: Associated Press

WASHINGTON – Senate banking negotiators are discussing plans that could significantly weaken — or even jettison — President Barack Obama's proposed independent consumer finance agency.

The plans are not final and are part of a broader attempt by Senate Banking committee Chairman Christopher Dodd, D-CT., to find a bipartisan compromise on how to regulate Wall Street in the wake of the worst crisis since the Great Depression.

One idea would create a consumer entity with its own powers inside an existing regulatory agency or within a new super regulator. The negotiations, still in the early stages, are attempting to find common ground between Dodd's desire for an independent agency and adamant objections to the idea from Sen. Richard Shelby of Alabama, the top Republican on the banking committee.

Republicans have so far refused to consider supporting the independent consumer agency. Democrats are willing to discuss alternatives as long as the plan creates meaningful protections against predatory lending and other abuses that contributed to the financial crisis.

Read more: http://news.yahoo.com/s/ap/20100115/ap_on_bi_ge/us_bank_overhaul

[Newsjock]

1. F--- these "bipartisan compromises"

I guess we'll learn next Tuesday.

[DebbieCDC]

2. You don't really expect any "reform" do you?

Another fucking dog and pony show

[BumRushDaShow]

3. You would think that Dodd would do the right thing as a last hurrah

and go after the banksters, but obviously not. I expect he is lining up a job from them once he leaves. :eyes:

[midnight]

4. Of course they will want to do that....

Consider what has happened so far: The U.S. economy is still grappling with the consequences of the worst financial crisis since the Great Depression; trillions of dollars of potential income have been lost; the lives of millions have been damaged, in some cases irreparably, by mass unemployment; millions more have seen their savings wiped out; hundreds of thousands, perhaps millions, will lose essential health care because of the combination of job losses and draconian cutbacks by cash-strapped state governments.

And this disaster was entirely self-inflicted. This isn’t like the stagflation of the 1970s, which had a lot to do with soaring oil prices, which were, in turn, the result of political instability in the Middle East. This time we’re in trouble entirely thanks to the dysfunctional nature of our own financial system. Everyone understands this — everyone, it seems, except the financiers themselves.http://www.nytimes.com/2010/01/15/opinion/15krugman.html?src=tp

[groundloop]

5. Absolutely Correct - too bad MSM doesn't get the word out better.

[Blandocyte]

6. We have a majority in house and senate

Eff the compromises! Bring on the policies that are good for the people!

[defendandprotect]

7. What we have and what we hear is "corporate-speak" including from corporate press . . .

CHANGE would be more concentration on consumer issues -- consumer justice --

and overturning any notions of future bail outs!!!

Whatever happened to the talk of bail outs for Fannie/Freddie -- is that a hidden issue?

[valerief]

8. Because the Senate HATES AMERICANS. nt

[Zynx]

9. If people actually knew what the Senate Republicans were up to they would be pissed off.

However, this being America, they don't pay attention.

[Odin2005]

10. ABOLISH THE SENATE!

[No Elephants]

11. Aren't all federal agencies supposed to be consumer agencies?

Thank you, Ronnie and your successors. You've broken America. I just hope she's not Humpty Dumpty and that someone can fix her someday.