Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform
In a little-noticed but potentially explosive remark last Friday, Senator Dick Durbin (D-Ill.) accused Republican leadership of signing a political pact with the banking industry: in exchange for help defeating a measure that would make it easier for homeowners to restructure failing mortgages, GOP leadership in the Senate would help banks defeat any additional efforts at regulatory reform.
The allegation of a quid pro quo was based on an email that Durbin received last spring after his amendment to allow judges to modify mortgages for homeowners who enter bankruptcy was defeated on the Senate floor. During a discussion to promote publicly-financed elections on Friday, the Illinois Democrat relayed that, shortly after the defeat of his "cram-down" amendment, a "banker friend" forwarded him the note from Tanya Wheeless, president & CEO of Arizona Bankers Association.
"I have contacted the market presidents for each of the three banks (Chase, Wells and Bank of America) and explained that in my humble opinion it's a big mistake to cut a deal with Durbin and alienate our (in Arizona) Senator," Wheeless's email reads. "I also told them that I thought this would drive a wedge in our industry. [Senator Jon] Kyl has pointedly told them not to make a deal with Durbin and then come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation."
More and a copy of the email
http://www.huffingtonpost.com/2009/12/0 ... 83872.html
and the beat goes on.
GOP & Banks work together to kill reform
Moderator: Super Moderators
GOP & Banks work together to kill reform
Last edited by SETIsLady on 12-09-2009 12:27 PM, edited 1 time in total.
More on the otherside of the aisle...
Bank-Friendly Dems Shut Down House, Threaten To Kill Wall Street Reform
A group of Democrats friendly to Wall Street interests forced a delay in consideration of the landmark financial regulatory reform bill scheduled to hit the House floor on Wednesday, Financial Services Committee Chairman Barney Frank (D-Mass.) told reporters in the Speaker's lobby.
Frank accused the New Democrat Coalition of blocking the bill because its members are being prodded by big banks to abolish the Consumer Financial Protection Agency and to allow major financial institutions to avoid state laws tougher than federal regulations.
A Democratic leadership aide confirmed that centrist and conservative Democrats are threatening to vote no on the bill, leaving the caucus short of the needed votes
More..
http://www.huffingtonpost.com/2009/12/0 ... 86200.html
Bank-Friendly Dems Shut Down House, Threaten To Kill Wall Street Reform
A group of Democrats friendly to Wall Street interests forced a delay in consideration of the landmark financial regulatory reform bill scheduled to hit the House floor on Wednesday, Financial Services Committee Chairman Barney Frank (D-Mass.) told reporters in the Speaker's lobby.
Frank accused the New Democrat Coalition of blocking the bill because its members are being prodded by big banks to abolish the Consumer Financial Protection Agency and to allow major financial institutions to avoid state laws tougher than federal regulations.
A Democratic leadership aide confirmed that centrist and conservative Democrats are threatening to vote no on the bill, leaving the caucus short of the needed votes
More..
http://www.huffingtonpost.com/2009/12/0 ... 86200.html