Senate Financial Reform Fight

Here's an audio clip of my appearance yesterday with Hannah-Beth Jackson on Santa Barbara progressive radio to discuss the current state of financial reform and what can be done next:

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If you have a yellow "Support Our Troops" sticker on your car - or even if you don't - you should know the name of the Senators who just traded in our troops, their families, and our military readiness for the easy cash offered by auto dealers. There's no rational policy reason for this exclusion: It's special interest politics, pure and simple. These Senators acted against the objections of military leaders and Gen. Petraeus' wife Holly. But they're not just voting to hurt soldiers: Every American who buys a car on credit is likely to suffer if this "instruction to Senate negotiators" prevails..

Call it "clunkers for cash." Auto dealers are generous with their campaign contributions, both individually and as a group. And they're usually community leaders, active and influential in local politics (and local campaign giving). The National Auto Dealers Association, the lobbying group for new and used car vendor, called the tune and these solons danced. Take a look at the Association's leadership and then ask yourselves: Would you buy a used Senator from these men? more »

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This week, the U.S. Senate passed a financial reform bill that was far stronger that what had been proposed by the Obama administration and passed by the House. Now it's time to hold President Obama's feet to the fire to ensure the strongest possible bill. more »

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Thursday night's passage of Wall Street reform by the U.S. Senate is an event to be celebrated, but several key issues remain in play as the House and Senate seek to iron out differences between their respective versions of the legislation. more »

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Things have been moving pretty quickly lately in the interlocking worlds of politics and financial reform. While there is a lot we don't know, here are three statements we can probably make with a high degree of certainty:

1. If the banks had been on the ballot yesterday voters in both parties would've voted them down.
2. A couple of determined Senators can make a difference.
3. If you want to rally the troops, don't use Larry Summers as your general. more »

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5:00

Looks like this is over for today. And that's a good thing. The amendments that Dodd and Reid were trying to block were good amendments that would strengthen both the reform bill and our economy. Two firm progressives stood up and rejected a bill that was unnecessarily weak, and now votes on derivatives reform, Merkley-Levin and other important amendments can be considered. more »

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Sen. Tom Carper, D-Del., has proposed an amendment to the financial reform bill that would severely weaken consumer protections to the point where it is understood to be one of the more destructive changes to the bill. more »

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The top Republican fundraiser in the Senate, Sen. John Cornyn of Texas, just gave a preposterous speech on Wall Street reform in which he pushed the plan recently promoted recently by disgraced J.P. Morgan Economist James Glassman. more »

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There are two consumer protection amendments getting serious attention on the Senate floor this week, one of them positive, one of them incredibly destructive. Both revolve around the concept of "preemption"—the ability of federal regulators to block states from enforcing laws aginst banks that operate within their borders. more »

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