Cited: Times Online

Wall Street BonusesDespite Obama’s statement about reforming Wall Street being an “army of lobbyists already arm-twisting members … to reject these reforms”, the president has promised to use everything at his disposal to achieve.  In fact, he devoted his weekly radio address on March 22 the financial reform bill, which he said was essential.

Senators will today begin thrashing out legislation to overhaul the US financial system as the Senate Banking Committee starts a week of meetings on a draft financial reform Bill.

Republicans on the committee refuse to support the draft Bill created by Senator Christopher Dodd, the Democrat committee chairman. President Obama is particularly keen to see creation of a new consumer financial protection agency, a proposal that Republicans have criticized as creating further bureaucracy and that the financial industry has fought hard against, most recently with a multimillion-dollar advertising campaign.

Ben Bernanke, the Fed Chairman, also urged the Senate Banking Committee to support the proposed reforms. On March 20, he said that the existence of “too big to fail” companies was pernicious and a barrier to competition.

“It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms,” he said.

Timothy Geithner, the Treasury Secretary, will take up the argument for Senator Dodd’s bill today, when he is scheduled to address the American Enterprise Institute on the legislation.

Senator Dodd created the Bill alone after he failed, despite months of discussion, to come up with a bill in partnership with Senator Richard Shelby, the senior Republican on the committee.

The Republicans have filed about 400 amendments to the draft legislation. Both parties have agreed that reform is needed to prevent a repeat of the financial crisis, but Republicans are opposed to key elements in the draft Bill.

They would prefer that consumer protection powers be given to existing regulators rather than create a new protection agency.

The Republicans disagree over the need for a $50 billion fund that banks would contribute to in case regulators needed money to liquidate a failing company.

And a number of committee members are unsure about the President’s so-called Volcker rule, which would outlaw proprietary trading by banks.

Senator Dodd is under pressure from the White House to get his Bill passed. The President set out his plans last June for the biggest overhaul of US financial regulation since the Great Depression.

The Democrats only have 59 votes in the House and not the 60 required to pass legislation, which means they will struggle if the banking committee is unable to come up with a bipartisan bill to present to the Senate.

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My Take: Why can’t our government agreed on anything amongst themselves?  It seems that the only time politicians do not argue is during elections season.  Then they just point fingers at the other guy and say he’s wrong or tell people what he’s done wrong.  Other than that, they worry about their office furniture.  I bet they even worry about their home office furniture and we pay for it.

Maybe the men that are in Congress should take a hint from the women in Congress and take a long hot bath with candles.  It’s called aromatherapy and it can be very relaxing.  They have a large variety of products online so they shouldn’t have any problem getting the products.  Then again, that is probably too feminine for those macho men.

One thing they could do to help this country financially is to take a pay cut themselves!  But, that’s too easy!  They would rather require police officers and fire department and teachers to take pay cuts while they vote for a new pay increase at the beginning of the next session.

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