Monday and Tuesday brought two decisive blows to Senate Majority leader Harry Reid and his Democratic allies who support financial regulatory reform by instituting permanent Wall Street bailouts.
Two attempts to open debate on the Democrats’ bill were defeated, with all Republicans voting against the measure, along with Democratic Senator Bill Nelson from Nebraska.
Senator Reid is determined to keep the pressure on, thinking that one or two Republicans will eventually cave. We may see another vote on Wednesday, then Thursday, and so on until he gets his way.
Despite the spin Washington Democrats are trying to put on it, here’s the bottom line: Republicans oppose this bill because it institutionalizes a “too big to fail” mentality and makes bailouts permanent while conveniently ignoring the principal cause of the mortgage market meltdown that led to the financial market collapse -- Fannie Mae and Freddie Mac.
Republicans have offered comprehensive financial regulatory reform legislation – the Consumer Protection and Regulatory Enhancement Act (H.R. 3310) – designed to (1) stop the Democrats’ permanent bailouts for their Wall Street allies; (2) protect taxpayers and create jobs; (3) address Fannie Mae & Freddie Mac reform, the root causes of the housing meltdown & financial crisis; and (4) rein in the out of control Federal Reserve & end “too big to fail.”
For more information on the House Republican plan, click HERE