Posted on 06/25/2010 11:29:39 AM PDT by Southnsoul
House, Senate leaders finalize details of sweeping financial overhaul
By Brady Dennis Washington Post Staff Writer Friday, June 25, 2010; 12:26 PM
Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.
The final and most arduous compromise began to fall into place just after midnight. Sen. Blanche Lincoln (D-Ark.) agreed to scale back a controversial provision that would have forced the nation's biggest banks to spin off their lucrative derivatives-dealing businesses.
The panel also reached accord on the "Volcker rule," named after former Federal Reserve chairman Paul Volcker. That measure would bar banks from trading with their own money, a practice known as proprietary trading.
Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing hours after they began Thursday morning.
"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."
(Excerpt) Read more at washingtonpost.com ...
Where did we hear that refrain before? (Bummercare)
These freaks are so used to not knowing what is in a bill or understanding it that they just talk about it openly as if we all understand.
Deem it passed ! Democracy works again !
Oh wait...
Never let a good crisis go to waste, eh?
Financial reform, Obamacare style.
Hang onto your wallets, folks! This is going to hurt!
This is one of the reasons we have to clean out the latrine that is Congress in November. Then we need to harass the former members in their private lives down to their graves for the harm they have inflicted on our country.
The Dems and This Nation’s Epitath.
VeeP ‘Bite Me!’ Agrees!
If this is how congress is passing laws, who the heck is running the country?
It's like having your doctor skip the diagnosis part and just start removing and adding organs to you, while kicking your dog and emptying your bank account.
We must find a way to demand they read and understand what they pass.
As Obama says— this is unsustainable!
We can no longer allow this.
Thats what they said when they installed the oil well blow-out emergency shut off in the Gulf.
My theory:
A giant supercomputer is fed the current body of US law, including the Tax Code, and given several “keyword”/parameters. It churns and burns, taking sniplets and phrases from all over the law and assembling them together, and out pops a new, multi-hundred/-thousand page bill for Congress to sign.
This is why the only way to find out what is in the bill is to pass it and see what happens.
[/cynic]
You can find out how it works after it passes. I feel like Alice in Wonderland.
I am so sick of these people.
Is this a a big bleeping deal according to the Veep?
This was the same device that is commonly used in shallow water oil drilling. It just was an extraordinarily bad place for it to go kaput when it was needed.
Cheers!
Culture of corruption
“TRUST ME”
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