Obama Meets Resistance From G.O.P. on Finance Bill

Obama Meets Resistance From G.O.P. on Finance Bill

By SHERYL GAY STOLBERG and DAVID M. HERSZENHORN
Published: April 14, 2010


WASHINGTON — In the face of stiff opposition from Senate Republicans, President Obama urged leaders of both parties in Congress to spend the next few weeks coming to terms on a financial regulation bill that would head off the need for bailouts in the future and bring the trading of complex financial instruments out of the shadows.
During a meeting with leaders of Congress from both parties in the Cabinet Room Wednesday morning, the president rejected the contention of Republicans — and notably their leader in the Senate, Mitch McConnell of Kentucky — that the measure offered by Senate Democrats would only make bailouts of gigantic, risk-laden institutions more likely.

“I am absolutely confident that the bill that emerges is going to be a bill that prevent bailouts — that’s the goal,” Mr. Obama said, with Mr. McConnell sitting impassively nearby.

Mr. Obama is fresh off his big health-care victory, and the financial reform measure will be a test of how much clout he now has on Capitol Hill. But while the president expressed confidence at the outset of the session that the two parties could work together to produce “an effective bipartisan package that assures we never have too-big-to-fail again,” the leaders did not sound nearly as confident after the nearly hour-long session.

Facing reporters on the driveway outside the West Wing, Mr. McConnell repeated his assertion that the Senate bill, which would create a $50 billion fund to rescue financial companies that are so big their failure would endanger the economy, would foster a climate of repeated bailouts. He demanded the resumption of bipartisan talks in the Senate, which fell apart last week.

“My message to the president, quite simply, was, ‘Let’s get back to the table,’ ” Mr. McConnell said. A few minutes later, the Democratic leadership came out and made clear they intend to press forward with or without the support of the Republican leadership.

“This is the same stall we got on health care,” said the Senate Democratic leader, Harry Reid of Nevada.

more:
http://www.nytimes.com/2010/04/15/business/15regulate.html?hp
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:rofl:

Dodd himself announced a few weeks ago that Republicans had elminated themselves from the committee process by insisting on gutting the few regulations we still have as a cure all for the financial mess.

Republicans are lost in unreality, incapable of admitting their ideas have been tried and have been miserable failures at every level.

Democrats are going to have to steamroll them, something I said a year ago but which has taken far too long to sink into the leadership.

Every rational individual agrees that in part we need to have a built in method, set up by statute for the orderly liguidation of a financial insitution that is about to fail. This is an eventuality that will happen. Dems are just building in a mechanism to deal with this possiblity.

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The aspect of the regulation that Mr. McConnell most focused on — the creation of a “resolution authority” to seize and dismantle a financial institution — was the outcome of months of talks between Senator Mark Warner, Democrat of Virginia, and Senator Bob Corker, Republican of Tennessee, both members of the banking committee.

Under the bill, once the Treasury stepped in to take over a failing firm, the Federal Deposit Insurance Corporation would be appointed as a receiver. The Federal Reserve could punish any institution that failed to submit a “resolution plan” — also known as a living will or a funeral plan — that would spell out its orderly demise.

A $50 billion “orderly liquidation fund,” created from fees charged to the largest banks, would help pay for the takeover.
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The Corporate Lobbyist Party's politics of "kill responsible governance" with people and the economy suffering the collateral damaage continues.

... Recommended.

with if the GOP goes against Obama on this issue....doesn't it?

Like A Mack at full throttle.
Who cares what fascist assholes say or think?
They ignored and abused everyone when they were in power.
Self Respect calls for maximum payback!