Senate scrambles to unite on finance reform bill

Source: LA Times

Senate Democratic leaders set Monday for a key vote on financial regulatory reform legislation, setting off frantic negotiations to complete a bipartisan deal, while President Obama, speaking in New York, urged Wall Street "to join us, instead of fighting us."

The effort to reach a compromise on the landmark bill is expected to stretch through the weekend. Negotiations are focused on easing some of the bill's tough proposals on consumer protection, a fund to handle future financial crises and controls on the complex financial derivatives markets.

Progress on the bill is more than a test of Obama's ability to achieve his major goals. It also tests Congress' ability to arrest the current epidemic of partisanship and respond to a wave of public anger over Wall Street's role in the worst financial crisis since the Great Depression.

"We cannot turn into a petulant organization that screams at each other," said Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.).


Read more: http://www.latimes.com/news/nationworld/nation/la-na-finance-reform-20100423,0,4610631.story

---

The big question is whether the media will continue to allow Republicans to engage in the following with impunity:

1. Simultaneously complain about "corporate loopholes," while the threaten to filibuster unless those loopholes are expanded. Will the media ask Republicans what loopholes do they dislike, and (this is important) will they insist on closing such loopholes. Otherwise, a Republican can complain about a loophole with the unsaid caveat that he wants a bigger loophole.

2. Complain about the Democrats opening debate, rather than engaging in close door negotiations, when these same Republicans were complaining about backroom deals with respect to health care reform despite months of hearings. What happened to transparency? Now, Republicans are threatening to filibuster unless they get the backroom negotiations. Can you have it both ways? Apparently, Republicans believe they are entitled.

Message removed by moderator. Click here to review the message board rules.