Ezra Klein: Today in Financial Regulation (FinReg) Amendments

[flpoljunkie]

At the moment, Senator Ron Wyden is speaking on his bill to end secret holds in the Senate. His Republican cosponsor is Chuck Grassley. All holds will be required to be made public immediately. It sounds like they may get a vote on it today as part of the FinReg bill.

Today in FinReg amendments

Here's what the Senate is considering adding to the financial-regulation bill:

* Collins amendment to mandate minimum leverage and risk-based capital requirements for insured depository institutions, depository institution holding companies, and nonbank financial companies that the Council identifies for Board of Governors supervision and as subject to prudential standards. (#3879)

* Brownback amendment to provide for an exclusion from the authority of the Bureau of Consumer Financial Protection for certain automobile manufacturers, and for other purposes. (#3789, as modified)

* Snowe-Pryor amendment to ensure small business fairness and regulatory transparency. (#3883)

* Specter amendment to amend section 20 of the Securities and Exchange Act of 1934 to allow for a private civil action against a person that provides substantial assistance in violation of such Act (#3776, as modified)

* Leahy amendment to restore the application of the Federal antitrust laws to the business of health insurance to protect competition and consumers. (#3823)

* Sessions amendment to provide an orderly and transparent bankruptcy process for non-bank financial institutions and prohibit bailout authority. (#3832)

* Durbin amendment to ensure that the fees that small businesses and other entities are charged for accepting debit cards are reasonable and proportional to the costs incurred, and to limit payment card networks from imposing anti-competitive restrictions on small businesses and other entities that accept payment cards. (#3989)

* Franken amendment to instruct the Securities and Exchange Commission to establish a self-regulatory organization to assign credit rating agencies to provide initial credit ratings. (#3991)

I need to go check out that Collins amendment, which looks like a really positive addition.

By Ezra Klein
May 13, 2010; 9:55 AM ET

http://voices.washingtonpost.com/ezra-klein/2010/05/today_in_finreg_amendments.html

[flpoljunkie]

1. Saw Dorgan trying to get his amendment accepted. Dodd objected. Dorgan said he's be back.

Dorgan wants to break up the banks. Good luck with that. The fix is in.

[flpoljunkie]

6. TPM on Dorgan's amendment to ban naked credit default swaps and its chances to get a vote

Dorgan wants to put an end to naked credit default swaps, by which investors speculate on the success or failure of separate financial entities in which they have no stake. Why did Dodd object? Republicans and Democrats want to offer dozens of amendments and, according to Dodd, if he lets every amendment get a hearing, the entire reform bill will be at risk.

"If we start this process, which i'm fearful will be the case, we run the risk of losing this bill," Dodd said on the floor. "No amendment, in my view, is more important than the underlying bill."

Dorgan, though, says he's been all but blocked out of the process, and that other senators have been given priority. He predicts he'll ultimately prevail.

How? Progressive Democrats could use their leverage. They could make their support for ending debate on the bill contingent on getting votes on their amendments. That's what Sen. Maria Cantwell (D-WA) said last week, when leadership tried to scotch a number of amendments aimed at shrinking, or breaking up, too big to fail firms. Dorgan says he'll make issue of this at a caucus meeting this afternoon. And he hinted on the floor today that he won't relent until he's given a fair shake.

"I will continue to come and ask consent to be able to offer this amendment," Dorgan said. "s Governor Schwarzenegger said in a previous life, I'll be back, and soon."

http://tpmdc.talkingpointsmemo.com/2010/05/progressives-buck-democratic-leaders-on-wall-street-reform.php?ref=fpa

[flpoljunkie]

2. Senate voting on Franken amendment on credit ratings agencies. Dodd opposes.

[flpoljunkie]

3. Franken's amendment to create a new ratings agency passes 64-35!

Wonder what the odds are it will be stripped out in conference. The banks do not want it. Many R's voting against, a few for. Dodd, Bayh, Jack Reed and Ben Nelson voted with those against the bill.

[SpartanDem]

4. The House almost never makes bills less liberal

if passes in the Senate I say it's pretty certain it's gonna stay.

[flpoljunkie]

5. Perhaps so, but can Dodd strip it out?

[SpartanDem]

7. Not by himself conference works like any other committee

there are votes on what to keep and strip.

[flpoljunkie]

8. Must Read from Ezra Klein: Lincoln's Derivatives Language Safe--At Least Until Tuesday

Lincoln's derivatives language safe -- at least until Tuesday

Given the opposition of the White House, the Federal Reserve, Paul Volcker, the FDIC, Chris Dodd and all the banks, I was surprised to see that Blanche Lincoln's proposal to separate derivative swap desks from banks survived an amendment designed to weaken it. But Brian Beutler reports that there might be less here than meets the eye: Lincoln's primary is Tuesday, and Democrats aren't going to do anything to harm her position before then. After that, though, you might see her language weakened in the Senate bill or negotiated out during conference committee.

By Ezra Klein
May 13, 2010; 12:28 PM ET

http://voices.washingtonpost.com/ezra-klein/2010/05/lincolns_derivatives_language.html

[flpoljunkie]

9. Durbin's amendment on reasonable credit and debit card fees to small businesses passed.

Durbin Amdt. No. 3989 as Modified; To ensure that the fees that small businesses and other entities are charged for accepting debit cards are reasonable and proportional to the costs incurred, and to limit payment card networks from imposing anti-competitive restrictions on small businesses and other entities that accept payment cards.

Check back here, if you are interested in seeing who votes Yes and who voted No.

http://www.senate.gov/pagelayout/legislative/a_three_sections_with_teasers/votes.htm