Financial Reform Passes

With the help of Republicans Brown, Collins, and Snowe, Dodd received the 60 <>  votes he needed to move on to the finally vote on the ‘Financial Reform Bill.’  Tennessee Senators Alexander and Corker voted NO on cloture.

New Hampshire’s Judd Gregg proposed an amendment <>  to prevent Washington from ever using federal funds to bail out the bondholders of state and local governments (except in catastrophes like Hurricane Katrina). The Senate defeated the provision, 47–50 <> . Tennessee Senators Alexander and Corker voted YES.

In doing so, the Senate broadcast to markets that it wants to keep its options open when it comes to arbitrary bailouts of bondholders, provided those bondholders have made their “investments” in politically favored areas of the economy.
The final vote on the bill was 59-39 <> .  Tennessee Senators Alexander and Corker voted NO. Now the bill has to be reconciled with the bill that passed the House in December.


Financial Regulation Bill is Socialism
Dick Morris and Eileen McGann
Saturday, May 22, 2010
President Obama has taken the United States one more giant step toward socialism by ramming through the Senate his financial regulation bill.
The bill authorizes the secretary of the treasury — a political appointee — to seize any financial company (bank or non-bank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding or any other abuse that bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have! Read more here <> .