The news seems to be coming in almost non-stop today!
As most of you may (or may not) already know, Republicans and Democrats are currently negotiating on the proposed Consumer Financial Protection bill. So far, things haven’t been going smoothly.
A recent post on Alabama Senator Richard Shelby’s Blog states:
“I thank Leader McConnell and my Republican colleagues for providing an opportunity for my negotiations with Chairman Dodd to run their course. I believe we owed the American people our best effort to make whatever changes we could to this incredibly complex piece of legislation because it will have wide ranging implications for our economy. Chairman Dodd has assured me that he will address a number of concerns I have expressed with respect to ending bailouts. We have been unable, however, to make any meaningful progress on other important components of the legislation. It is now my belief that further negotiations will not produce additional results. “
It’s nice to see someone standing up for our rights, even if it’s a little more difficult. Time and time again it appears as if Dodd is doing anything and everything to just rush this bill through as soon as possible. Thankfully it hasn’t worked as of yet. The latest developments show a vote of 56-42 with Democrats needing 60 to proceed. Currently today’s vote was put on hold until tomorrow. Let’s see what Senator Shelby has to say about the implications of this bill as it stands currently….
“This bill still contains a sprawling new consumer protection bureau that will find and force its way into facets of our economy that had nothing to do with the housing crisis. This massive new bureaucracy would have unchecked authority to regulate whatever it wants, whenever it wants, however it wants. I am aware of no other arm of the federal government this powerful, yet so unaccountable”
Couldn’t have said it better myself Senator!! It really seems that Democrats have learned from the recent Health Care reform bill, to try and keep this debate OUT of the media. Luckily we’re starting to see more public awareness and media coverage, as of recently. But unfortunately it may be too late, for the bill may proceed as early as tomorrow if Democrats can gather enough votes. Let’s hope that more senator’s stay true to protecting American’s from too powerful of a financial protection bill, which arguably may harm our economy more than it will help. After all, there is no reason to respond to our current economic crisis by punishing and policing those financial institutions who literally had NOTHING to do with it!
