Thursday, July 01, 2010

Trying to avoid future crises in schools and the economy: we are now halfway to the goal of financial reform

The financial crisis has devastated schools and the economy--so why are Republicans fighting reform? Answer: campaign contributions. But it looks like a few Republicans care more about our economy and our democracy than they do about corporate lobbyists. Let's hope they stand firm.

The battle is only half won with the vote below in the House of Representatives. The Senate still has to agree.

This bill was hammered out less than a week ago in a marathon session.

See all posts re financial abuses.

House passes landmark financial reform bill

Andy Sullivan and Kevin Drawbaugh
July 1, 2010

The House of Representatives on Wednesday approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama.

Still, the 237 to 192 vote in the House marked a win for Obama and his fellow Democrats, who have made the most sweeping rewrite of Wall Street rules since the 1930s a top priority in the wake of the 2007-2009 financial crisis.

"It has been a long fight against the defenders of the status quo on Wall Street, but today's vote is a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth," Obama said in a statement.

Analysts say Obama is all but certain to get the measure on his desk eventually, but Democrats' hopes of sending him a bill to sign into law by the July 4 Independence Day holiday were dashed.

The death of Democratic Senator Robert Byrd and cold feet among Republican allies has complicated efforts to round up the votes needed in the Senate. A week-long break following the July 4 holiday means the Senate won't act until the week of July 12, at the earliest..

Obama earlier on Wednesday accused Republicans of being out of touch with the American people for opposing reforms. Others echoed his line of attack on the House floor.

"Republicans have sided with big Wall Street banks at every opportunity," said Democratic Representative Luis Guitierrez. "If it helps Wall Street banks, they favor it, but if it helps Main Street and regular Americans, they won't vote for it."...


Tim said...

Don't the Democrats have the supermajority in the Senate? Why blame Republicans for this? It's not like they're surprising you in any way. The few Democrats voting against this are the real ones that should be scrutinized.

Maura Larkins said...

The Democrats lost their supermajority a while back. But aren't Republicans also responsible for schools and the economy? Isn't it wrong for them to vote against the American people just because they think it's to their political advantage? Also, the Democrats who vote with Republicans are under political pressure from Republicans in their home districts. Republicans don't have some sort of moral dispensation when they try to make America fail just because Democrats were chosen to lead.