Tuesday, May 04, 2010

No vote on SAFE Banking Act?

By Creature

Simon Johnson:

With such strong arguments and powerful evidence on its side, you might think that the completely reasonable and responsible proposals in the SAFE Banking Act would get a vote. But you would be wrong.

The Senate leadership – on both sides of the aisle – has apparently decided that they do not want to give senators (and the public) the opportunity to focus their attention on this key issue. Instead, they would prefer to keep the “debate”, in terms of votes, on issues less likely to infuriate powerful banks.

This is the FinReg amendment Senator Kaufman and Senator Brown have been pushing for weeks. It would basically end too-big-to-fail. The amendment is a chance for preening politicians to put their constituents ahead of their big-money donors. If Simon Johnson is right, that it won't get a vote, then this is very bad news.

Phone calls need to be made.


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