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The House and Senate members who wrote the latest version of the financial regulatory reform bill will reconvene today at 5:00 pm ET today. This meeting -- called "a conference" -- is in response to concerns raised by some Senate Republicans, who had earlier voted for the Senate version of the bill, but are unhappy with the new version. (This version represented the merger of the House and Senate bills.)
This is an unusual move in Congress, since the bill was in the final stage, on the verge of going to each chamber for passage this week. Democratic leaders and the White House had touted the bill's passage before the July 4th recess.
Republican Sens. Scott Brown, Susan Collins, and Olympia Snowe have criticized the merged bill for a $19 billion assessment on big banks, saying it amounts to a "bank tax" that will trickle down to consumers.
In a letter to the leaders of the House and Senate banking committees, Brown wrote, "If the final version of this bill contains these higher taxes, I will not support it ... while some will try to argue this isn't a tax, this new provision takes real money away from the economy, making it unavailable for lending on Main Street, and gives it to Washington. That sounds like a tax to me."
With the death of Sen. Robert Byrd and at least one announced defection among Democrats, Majority Leader Harry Reid needs a few Republicans for the 60 votes required to break a filibuster -- a number Reid doesn't right now.
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Oh, like the financial crisis didn't "tickle down to consumers." Which do Brown, Snowe, and Collins think is worse, I wonder. Maybe the prospect of losing everything in the next big investment bank swindle pales in comparison to the fact that your bank may tack on a few pennies to your mortgage or checking account fees.
Easy come, easy go.
Even if no one else responds to your plea for bi-partisanship...I will.
At last, you see the light.
I'm slow...but steady.
Well, I guess I could dispute part of that, but why? After all, we know how that story comes out. ;)
Well I can see where your heart lies there Mixed.. may I suggest the two of you take it else where and get a room? lol
LoL Why not? Five minutes in a room alone with me is normally enough to secure bi-partisan support. ;)
Oops.
Good Morning, All.
First off, I want to express my condolences to the families and officers of the Tampa Police Department over the officers whose lives where, without provocation and reason, cut short following a routine traffic stop on 6/29/10 @ 0230 hours. I pray that God comforts the familes and friends of the slain, and that God's Justice be done with the felon who is still on the loose at this time.
Bottom line is this: The Late Senator Robert Byrd believed in this bill that is trying to get passed, because he, like everyone else in this country, know that financial reform is going to keep Wall Street in line and PREVENT them from getting out of hand.
Is it too much to ask some of Republicans, that in the Memory of Robert Byrd, is it too much to ask you to have a little courage, and vote in favor passage of this bill, and take some of this strain off low and middle class Americans?