Jim Manley, spokesman for Senate Majority Leader Harry Reid, D-Nev., says the Wall Street reform package could reach the Senate floor as soon as Thursday, although a vote to allow debate to begin probably would occur no earlier than Monday. Thursday, President Obama is scheduled to give a speech at New York's historic Cooper Union College. The President is expected to remind voters of what many in Washington assert is the irresponsibility that took hold on Wall Street as financial firms sought fatter profits.
The bill that goes before the Senate was written by Senator Christopher Dodd, D-Conn. Dodd's 1,400 page bill would create an independent regulator, housed at the Federal Reserve, that would be charged with protecting consumers of mortgages, credit cards and other loans against lending abuse and other deceptive practices. The measure would also create oversight of the vast derivatives market, curtail the regulatory powers of the Federal Reserve and give the government authority to wind down large financial institutions in an orderly way.
Both sides of the isle are expected to exploit a lingering resentment toward Wall Street. Democrats have seized on the attempt to curb reckless investment practices as part of an effort to depict GOP Members as being out of touch with the concerns of average Americans. Democrats hope the suite of Goldman Sachs by the Security and Exchange Commission will bring Republicans in line with Democrats.
Powered by iNet Solutions Group ©2011 All Rights Reserved.