So much for the Volcker Rule
Something told you that this was too good to be true, right? Well, you were right to doubt that a good idea would ever see the light of day when it comes to Wall Street.
A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter.
Senate Banking Committee ranking member Richard Shelby (R-AL) said he opposes the so-called Volcker rule and the Obama administration’s call to levy a USD 90bn tax on banks. His comments come as House Financial Services Committee Chairman Barney Frank (D-MA) predicted the proposals outlined by President Obama could be law within six months.
Speaking to this news service on Thursday, Shelby said if Democrats push forward with the proposals they risk unravelling much of the bipartisan support already reached regarding the passage of financial regulatory reform in the Senate. Shelby said that the Obama administration risks losing Republican support for the bill if they begin to “politicise” the issue.
With the election of Republican Scott Brown to the Senate, the Democrats no longer have the necessary 60 votes to force through a Regulatory Reform package, and any bill will need at least some Republican support to pass. A Dodd staffer said the senator is likely to quietly drop or modify many of the recommendations in the Volcker rule to ensure Republican support for regulatory reform.
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that's just bullshit on Shelby
I'm almost positive he's on video tape touting Glass-Steagall when the bail outs happened. For someone so busy railing against TARP he such is doing whatever Wall Street/Financial sector wants.
Frank Luntz (GOP) out to defeat any financial reform
There is a GOP memo to destroy any and that means anything, financial reform.
As much as we're railing on any so called representative in Congress and the Obama administration, the GOP should be impeached. This is one thing Obama's call out was true...these guys don't care if this country goes down in absolute flames. All they want is more political power and they don't give a rats ass about the national interest or what happens to Americans.
Such as choice between Tweedledum and Tweedledee.
Volcker testimony at yesterday's hearing
Volcker is pushing back hard on some testimony.
Dodd claimed he is "for" the Volcker rule now supposedly, but it's still pretty clear all good ideas, if they do not die in the House, they will surely be killed off in our most corrupt Senate.
Anywho, might want to do an update on all of this if someone has a mind to take it on.
While I believe Tim Geithner should never have been hired and of course should be fired, one has to point out that Congress is truly a death trap for any shred of reforms getting passed.
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