Lobbyists fret over legislation to reshape financial system

[TomCADem]

Source: Washington Post

As the Senate dives into the details of far-reaching legislation to overhaul financial regulations this week, lobbyists who represent some of the nation's biggest banks are feeling on edge.

They were counting on Senate committee hearings and backroom negotiations among key lawmakers to remove or soften what the financial industry considers most objectionable in the bill. That hasn't happened. And now, as early as Tuesday, the Senate will begin to consider populist amendments that spell even more heartburn for the banks.

"You've got an environment, six months before an election, where politicians are acting like politicians," said Sam Geduldig, a financial lobbyist and former Republican staffer. "They are viewing any vote as a potential campaign ad. And that might not be good for any of us."

The legislation before the Senate, which seeks to address the causes of the financial crisis, could force big banks to spin off their highly lucrative derivatives operations, jettison their hedge funds and come under the watch of a new consumer regulator.


Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/03/AR2010050304254.html?sid=ST2010050304376

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The question is whether Republicans once again filibuster the bill to save Wall Street in an election year. What will really be interesting is the infighting between Ben Bernacke and Obama economic advisor Volcker on derivatives regulation.

[AdHocSolver]

1. Will Congress pass legislation to again make fraud illegal?

With elections coming up, now would be a good time to let Congress know that that is what we want.

[SkyDaddy7]

2. The Republicans will block any & all reform...

And the sad thing is the GOP will spin it with help from their vast media allies and the American people will side with the GOP come November!

The same will apply if or when Congress tries to strengthen regulations on BIG OIL!


This country is not only smoking the crack pipe of BIG OIL but the CRACK PIPE of Conservative Politics! SAD!

[fasttense]

3. Oh my dear the Lobbyists are fretting.

Pass the tea and crumpets while we fascists and corporatist fret over the mere thought of a true democracy (or as its really known - constitutionally limited representative democracy).