House Dems reach deal on regulatory reform after threats by party centrists

[babylonsister]

House Dems reach deal on regulatory reform after threats by party centrists
By Mike Soraghan and Silla Brush - 12/09/09 08:13 PM ET


House Democrats reached a deal on a thorny provision in financial overhaul legislation that held up debate on Wednesday, Rep. Barney Frank (D-Mass.) said.

Centrist Democrats, particularly the New Democrat coalition and Rep. Melissa Bean (D-Ill.), pushed strongly in support of an amendment that would limit the proposed Consumer Financial Protection Agency’s (CFPA) ability to override state regulations.

The issue of federal preemption dominated most of the back-room discussions on Wednesday between congressional leaders and senior administration officials, including Neal Wolin, the second-ranking officer at Treasury.

Negotiators said they reached a middle ground on the preemption issue, which will be inserted in the final revision, called a "manager's amendment." In addition, New Dems say they've been promised a floor vote on a centrist amendment loosening the rules on derivatives.

"It's neither no preemption or total preemption. It's somewhere in the middle," said House Financial Services Chairman Barney Frank (D-Mass.). "The differences have been narrowed and we're getting something both sides can live with. I don't think it will be a significant retreat."

snip//

"This agreement will allow us to create an empowered Consumer Financial Protection Agency that will place tough new federal regulations on financial institutions from large banks to payday lenders to mortgage brokers," Bean and New Dem Chairman Joe Crowley (D-N.Y.) said in a joint statement.

more...

http://thehill.com/homenews/house/71567-house-dems-reach-deal-on-regulatory-reform-after-threats-by-party-centrists

[mmonk]

1. The enemy of regulated capitalism is in the Democratic party.

The "middle" is the problem but this is a good first step. Let's hope the "centrist" attempt to preserve the deriative monster will fail.

[Selatius]

2. I love how progressives are always the ones forced to give up concessions to morons.

If it's not Blue Dogs, then it's New Dems who get in the way.

[mmonk]

3. They both adhere to Reaganomics.

Blue Dogs and "centrists".

[Selatius]

5. My only question is when are THEY going to be FORCED to GIVE UP concessions to progressives.

I mean, we could be talking decades here. It's been almost two decades since health care reform was last addressed, and the current situation is looking morbid for progressives.

[mmonk]

7. I don't see it happening from the top.

It has to come from us. We need to change the makeup and structure.

[madrchsod]

4. she`s a republican .....

[LWolf]

6. The neo-dems aren't any better than republicans. nt