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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Ann Corrigan who wrote (84526)	5/24/2010 6:31:25 PM
From: lorne	Read Replies (1) \| Respond to of 224720

Ann...Now here is something that will make a sane person feel warm and fuzzy all over...NOT. Of all the fools hussein had to choose from he chose this>>>>>> Wall Street critic Frank to shepherd final reform bill reuters.com (Reuters) - Representative Barney Frank, a fierce critic of Wall Street and close ally of the Obama administration, will head a House-Senate committee to hammer out a final bill on financial regulation reform. As chief author of the House of Representatives' legislation, Frank can be expected to press for a tough crackdown on bank oversight, although the House bill is in some ways less hard-hitting than one approved by the Senate. Under the Senate bill approved just last week, for instance, banks would have to spin off their swap-trading desks into affiliates. That provision is not in the House bill. Banking interests are digging in for a last attempt to water down reforms and carve out loopholes for themselves. The legislation, once enacted, will be the biggest overhaul of financial regulation since the Great Depression of the 1930s. Joining Frank on the panel will be Senator Christopher Dodd, author of the Senate bill. Riding a wave of voter antipathy toward Wall Street bailouts and big bonuses for bankers, Dodd pushed his version of reform through the fractious Senate after three weeks of dramatic debate. Both Dodd and Frank are Democrats committed to reform following the 2007-2009 financial crisis that slammed economies worldwide, unleashing a powerful political backlash against Wall Street and a global wave of reform initiatives. Their conference committee must merge the House and Senate measures into a single bill, pass it through both chambers and send it to President Barack Obama. He is expected to sign it promptly into law. That could happen by July 4, analysts say. The final shape of the Dodd-Frank legislation will also depend on the other members of the panel. Congressional aides said Democratic Senator Blanche Lincoln will be on the committee. She authored the provision, opposed by big banks, on spinning off swap-trading desks. LINCOLN PROVISION NOT IN HOUSE BILL The Lincoln provision is not in the House bill. Nor is a plan for setting up a new government panel to choose credit rating agencies to assess certain new debt instruments. Nor does the House bill contain the 'Volcker rule' curbing risky bank trading, although it does have a related provision. Lincoln, chairman of the Senate Agriculture Committee, faces a difficult primary election run-off on June 8 in Arkansas, her home state. The conference committee probably will not get down to work until after that date. The Senate was slated to vote late on Monday on a motion from Republican Senator Sam Brownback to tell the conference it should exempt car dealers, as the House did, from the full oversight of a new federal financial consumer watchdog. Another motion from Republican Senator Kay Bailey Hutchison would tell the conference to set limits on applying to insurance companies the limits on proprietary trading proposed for banks under the so-called "Volcker rule." The rule -- named for its author, White House economic adviser Paul Volcker -- is another example in which the Senate bill is somewhat tougher. The House bill does not contain the rule, but it would let regulators ban proprietary trading in cases where it threatens financial stability. The Senate bill explicitly endorses the rule, but lets regulators write the details for it, possibly watering it down. Senators Carl Levin and Jeff Merkley, both Democrats, want to harden that provision to reduce regulators' latitude. "I urge our colleagues in both chambers as they discuss final Wall Street reform legislation ... to strengthen the Dodd proprietary trading provisions, and to include a ban on conflicts of interest," Levin said in floor remarks on Monday. PELOSI MAY WAIT UNTIL JUNE House Speaker Nancy Pelosi has the responsibility for naming the members of the panel from the House. She may wait until the second week in June to do that, aides said. Frank, a Democrat like Dodd, has said the conference may take about a month. Frank chairs the House Financial Services Committee; Dodd, the Senate Banking Committee. Senators Richard Shelby and Saxby Chambliss will be on the panel, Senate aides said. Both voted against the Senate bill. They are the senior Republicans on the banking and agriculture committees, respectively. (Additional reporting by Andy Sullivan, Kevin Drawbaugh, Roberta Rampton, Charles Abbott. Writing by Kevin Drawbaugh; Editing by Dan Grebler)