Shelby uses procedural tactic to undermine Financial reform - USA Today

[JohnWxy]

http://www.usatoday.com/money/companies/regulation/2010-05-19-financialreform19_ST_N.htm


Big banks scored a couple of key victories Tuesday in the battle to shape the sweeping overhaul of financial regulation, following recent gains by consumer advocates.

In a partial victory for banks, the Senate on Tuesday overwhelmingly passed an amendment that would largely prevent states from writing new laws to protect consumers from questionable financial products even if no federal law exists. However, the measure preserves states' authority to enforce federal rules.

Sen. Richard Shelby, R-Ala., used a procedural tactic to block a proposal to ban banks from making the kind of proprietary trades in high-risk securities that helped fuel the financial crisis."
(more ...if you can stand it)
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Yeah, the good ol' Populist GOP working for the little guy.

[sharp_stick]

1. Richard Shelby is

such a greasy fucker, you can see the corruption in that puckered up fucking smile he's always got. He perpetually looks like a guy thinking "I can't believe I get away with this shit!"