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GOP and Democratic sources tell NBC News that the House will take up the financial regulatory reform bill between 3:30 and 5:00 pm ET today.
The monumental legislation touted as "Wall St. Reform" by Democrats will most likely pass the House by a comfortable yet small margin.
In December of 2009, the House passed its version of "Wall St. Reform" 223-202. No Republicans supported the legislation and 27 Democrats broke with their party and voted against the bill.
After passing the House, the financial regulatory reform bill will be sent to the Senate where Harry Reid (D-NV) must get 60 votes for cloture so a final vote can be had on the legislation.
The final vote in the Senate is expected to occur the week of July 12th due to the fact that Sen. Byrd will be lying in repose in the chamber tomorrow and many senators will not be in Washington on Friday to attend Byrd's funeral in West Virginia on Friday.
The Senate and House break for a week long July 4th recess this Friday.
The Senate Banking Committee Tweeted: "Reid says the Senate will vote on Wall Street Reform after the July 4th recess."
This pretty much confirms what was known in the halls of Capitol Hill, a final Senate vote on financial regulatory reform will happen after the 4th of July recess.
*** UPDATE *** The House is now debating the rule for the financial regulatory reform bill.
This is the first step in the process of passing the bill.
After a vote on the rule around 2:30pm the House will then have two hours of general debate on the financial regulatory reform bill itself.
Once that is completed, Speaker Pelosi will then move for final passage. Right now that looks like it'll happen between 5pm-6pm.
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Face it folks. Many of these Senators and Congressman rub shoulders with those from Wall Street. They lunch with them, golf with them, party with them, receive above board and below board contributions from them, share pictures of their kids over cocktails, speak privately as to their belief in the ignorance of the little guy, share investment advice, pet each other's dogs in the back yard when barbequing with one another, take vacations together, attend to the same churches, perhaps even wife or husabnd swap from time to time. The fact is that as a majority those in Congress are not going to do anything that will damage these realtionships, and that includes imposing any serious and truly effective regulations on the same.
CA a more accurate statement I have not seen, why can't people realize that they have no representation in D.C.? The fact is the whole two party system we have is designed to keep all us commoners divided, and it gets the job done very well, imagine if people could forget about Democrat/Republican and speak as one, then this country could truly be a great place for all instead of the few, believe me somewhere one of our esteemed Congressmen will read this and cringe with disgust at such a possibility, but then they will realize the masses won't give up there partisan bickering under any circumstances as they stroll to the liquor cabinet for one last scotch on the rocks before the next News conference, and that silly half smile will reappear on Mr. Boenhers face as he thinks about how easily American Citizens can be kept hoodwinked.
Well said, CA--totally realistic, totally on the mark!!
w bush:
The bottom line w bush is that our entire existence as a nation, a people, is and always will be driven and controled by that most powerful dollar. This is not unquie. Most nations, great and small, rich and poor, past and future, on which their political, cultural, social and yes religious structures have been formulated and based is that of power. And what has always defined power? Those who are able to accumulate and control the wealth of that nation.
It matters not if a country has two partys, three partys, a king, a dictator, a parliment, is communist, democratic, socialist, fascist, the fact is there will always be a few at the top of the socio-economic ladder who will have the wealth and therefore the power over the rest of the population. The question is not whether this has been true or is true or will be true in all nations (past, present and future). The question is how much of a gap there is between the haves and have nots in each nation, and what are those tactics used by the wealthy in each of these nations to maintain a level of satsifaction among the have nots so the life and staus of the wealthy is not threatened.
The fact is w bush most politicains, especially those who have won elections and who have held office for any length of time, and those who have garnered wealth in private life live in a completely different world than the majority of people. Their life styles, close relationships, friends, activities, habits, thoughts and opinions, material holdings, responsibilties, leisure times, work requirements, hopes, desires, outlooks on life, aspirations, etc., etc. are limited and shaped by a smaller and sometimes tightly nit group within the confines of a nation that is populated with more people who live a completely different form of life.
Think of televison w bush and that which people sit and watch with this mesmerized stare as if they were all born to Stepford wives. Does your average female in this country really have a lifestyle like those NJ or LA Housewives? Does anyone come close to having a life as dipicted by Homes of the Rich and Famous. Why is it in most sitcoms does it appear that the families in these programs live in big well furnished homes, and has anyone really seen a character on those daily soaps working a 8, 10 or 12 hour shift and then dragging theirselves home to hit the hay only to rise the next morning to the same routine. And those Ads, drive with class, buy a Mercedes. There are more examples. The point is that people will sit there, watch and accept all this as if this is their world. It is not their world. It is the world of the nation's wealthy and the boob-tube is there to keep people in this mesmerized and zombie like trance that tells them that they too are part of this world. They may not be able to have it, live it or own it but they can watch it and dream.
Does this make any sense to you w bush? This is why the majority of people continue to allow those in DC and those with the wealth and the power to control their lives.
This should have been passed AGES AGO
Like when Kennedy and Byrd were BOTH ALIVE
No urgency in the White House, no sense of purpose, by delaying you get watered down Bills
And yet Obama Apologists ssy: the Congress is adult enough to pass this on their own, Obama doesn;t have to lead, he's too busy looking 'Transformational', he's too busy being 'Non Partisan', it's the media's fault, Obama's a victim, it's those Damn Leftists !!!
Keep running with that, Carter, Clinton and Obama are ALMOST as bad as Nixon, Reagan, Bush and Bush....... Take your pick: Incompetence or Stupidity ?
Your state is a disaster isn't it?
So is MSierra...
The republicans have no problems bailing out Wall-Street to the tune of $920 billion ($40 billion in the form of executive bonuses). But God forbid we spend $35 billion to help 14 million unemployed Americans with unemployment extensions so they can keep their homes and feed their families.
At what point does it cease to be unemployment? After so long it just morphs into welfare. These people really can't find a job after two plus years? Good thing Obama wants to legalize 20 million illegals. That ought to both help the current job prospects of the unemployed by increasing the number of works for each existing job, and increase the cost of Obamacare.
And Spanky, I suppose you have a plan and solution as to what to do about 20 million illegals? Before you blurt out your typical Obama bashings let's hear your solutions. And don't say round em up and ship them all back home for we already know (at least those with common sense) that would be financially and logistically (and in terms of enforcement requirements) impossible. So, you are stuck with 20 million illegals. What do you do with them Spanky? Just ignore them? By the way, they already have health care. It's called going to emergency rooms where they will not be turned away and whose costs you and I already cover.
For 30 years Wal-Mart has subsidized their corporate responsibilites. Over 40% of Wal-Mart's full-time employees have received government healthcare in the form of Medicaid. When does this "morph" into welfare? You want to compare 26 weeks of unemployment with 30 years of corporate welfare? So Alice Walton can buy another $76 million dollar Rembrandt? Let me guess, you're opposed to the Employee Free Choice Act. I've provided healthcare for dozens of union electricians in the private sector through collective bargaining. If there were more union contractors like me, we wouldn't even be talking about Obamacare....But you obviously prefer the [scab] Wal-Mart public option. And then bitch because my workers want to feed their families. Maybe if Bush hadn't given tax-breaks to corporations who outsource American jobs...we wouldn't be talking about unemployment extensions either.
I'm a union contractor who had to lay-off six hard working electricians. I pay into their unemployment benefits. They have kids in school, house payments, car loans, and utilities to pay. And you suggest they compete for $3 an hour with illegal immigrants hired by scab employers because you don't want Obama to legitimize and document the illegal status of immigrants.....Sounds like a perfect Republican economic recovery plan.
Spanky got spanked!
What to do with the illegals? THey got here all by themselves, and as we are seeing in Arizona, thay are leaving all by themselves. If they can't get services, and oh my gosh, get asked for "papers" they will leave. It's already working in Arizona.
And Garrison I suggest the opposite, having been a non union dry wall hanger working my way through college. I dealt first hand with illegal labor. It wrecked the construction industry in So. Cal., not just causing many to lose their jobs, but by pushing down wages. I suggest that any emplyer caught employing a single illegal immediately lose his business license. If they can't get hired they will go home. It really is that simple - remove the economic incentive and they leave, allowing some of the millions of American who are unemployed - the ones laid off by Garrison - to find work.
I suggest that any employer caught employing a single illegal immediately lose his business license.
I'm with you on that one spanky, but it is precisely the non union shops that employ illegals in construction, and most of their employees work side by side with them and never say a thing.
Forget "financial reform" we need to reform the congress. No budget, not a word about Fannie and Freddie, and best of all, the author of this bill (and Freddie and Fannie's other "dad") Dodd admits he does not know what is in the bill.
Thank goodness November is only a few months away. No one should be allowed to serve in the House or Senate who has not had a private sector job for at least five years.
Some have expressed concern that a small percentage of the people at the very top pay a heavy burden of taxes while some at the bottom pay nothing. While our tax code leaves a lot of room for improvement it is still hard to have much sympathy for those in the top couple of percentage points or to rationalize value in cutting taxes for them. Take the Bush reduction in dividend taxes as one example and then when looking at any corporate annual report check the executives compensation, perks, benefits, Golden Parachutes, stock and stock options. Besides having a compensation package that can’t ever be justified or earned they also have thousands, tens of thousands or even hundreds of thousands of shares of stock both owned and covered by gratuitously given stock options – making dividend tax cuts extremely beneficial for them, while meaning comparatively little to everyone else.
These executives and directors, the ‘good ole boys’ club, literally control their own compensation in running the company and by voting their shares of stock. They also control and strictly limit everyone else’s compensation and benefits in their companies. As explained elsewhere tax cuts to the very wealthy simply does not have significant benefit to the economy (the ‘trickle down’ theory is really a fraud as they just don’t spend in ways to benefit the overall economy), so why do politicians want to focus heavily on and rationalize tax cuts for these few? Because of the obvious benefits from campaign contributions, overt and covert support, including financing third party action groups (like ‘Swiftboat’ and ‘Tea Party’) and even in after office compensation with speaking engagements, investment opportunities, book deals, employment and so on – they literally become owned and controlled ‘puppets’ for these extremely wealthy, powerful and influential individuals. George W Bush even bragged before leaving office that he would quickly pass his father and Bill Clinton in wealth from these ‘kickbacks’ and you can bet Sarah Palin is drooling over them. If you ever want real political reform, you have to get money out of politics.
The real proof that it is a con to say there is an inequity is in recognizing that the gap between the very wealthy and everyone else just keeps expanding, that as their spendable income keeps growing everyone else’s’ keeps shrinking. I don’t begrudge anyone success, especially when it is really earned, but there is no need to ever shed a tear for these people.
Have not heard a word out of that Wall Street loving swine Timothy Geithner on the Financial Reform bill lately, I remember hearing him spout off about this reform bill having "teeth" in it, well Timmy looks like this piece of $hit bill got sent to the legendary dentisist Mr. F.U. Lobbyist and had all it's teeth pulled, sad. Don't here anyone even utter the term "too big to fail" anymore since they are not going to do anything to eliminate it, not going to tax income as income for the greedy traders, and on and on, I mean the list of things meaningful things removed from this bill is disgusting all that is left is a bunch of leagal jibber jabber designed to confuse the masses and maintain the status quo on Wall Street, I wish I had enough money to own my very own Congress, this Plurocratic joke of a Nation is in deep trouble and there is not one thing that can be done to right it that is not very unpleasant and scary to consider. God help us