{"id":189122,"date":"2010-05-19T19:09:00","date_gmt":"2010-05-20T00:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/05\/19\/cloture-fails-on-financial-reform\/"},"modified":"2010-05-19T19:09:00","modified_gmt":"2010-05-20T00:09:00","slug":"cloture-fails-on-financial-reform","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/05\/19\/cloture-fails-on-financial-reform\/","title":{"rendered":"Cloture Fails on financial Reform"},"content":{"rendered":"<p>The vote was <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE64G54N20100519\">57-42 against cloture<\/a>, with Democrats Maria Cantwell of Washington and Russ Feingold of Wisconsin voting against cloture,<sup>*<\/sup> and Republicans Olympia Snowe and Susan Collins, both of Maine, voted for cloture, with Specter not yet back in the Senate.<\/p>\n<p>Cantwell and Feingold are right here:  They have been refused a vote on a number of important amendments and other issues, most notably:<\/p>\n<ul>\n<li>Allowing states to enforce their own usury laws, which means that credit card consumers would no longer have their interest rates driven by the laws of South Dakota and Delaware.<\/li>\n<li>Putting the &#8220;Volcker Rule&#8221; into statute, forbidding banks from engaging in proprietary trading.<\/li>\n<li>A restoration of the Glass Steagall separation between commercial and investment banking.<\/li>\n<li>There are requirement that derivatives trade through public exchanges with public price discover is toothless.<\/li>\n<\/ul>\n<p>It&#8217;s nice that some progressives have shown that they are willing to show teeth.<\/p>\n<p>With Republicans coming to realize just how loathed Wall Street is, and realizing that Blanche Lincoln&#8217;s reelection driven decision to get rough on the banks has triggered a dynamic which makes the bill more extreme as time goes on, as opposed to the usual process of <a href=\"http:\/\/40yrs.blogspot.com\/2010\/05\/signs-of-apocalypse-congress-edition.html\">bills getting emasculated in the Senate<\/a>.<\/p>\n<p>Every day that goes by, it gets for any Republican and corporatist Democrat who is standing for reelection this year finds it harder and harder do do Wall Street&#8217;s bidding.<\/p>\n<p>I think that after a few more days of delay, they&#8217;ll end up finding a way to break up the big banks.<\/p>\n<p><sup>*<\/sup><span style=\"font-size:78%;\">Harry Reid voted against cloture too, but that is so he can offer a <a href=\"http:\/\/en.wikipedia.org\/wiki\/Reconsider\">motion to reconsider<\/a>, allowing for  revote.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The vote was 57-42 against cloture, with Democrats Maria Cantwell of Washington and Russ Feingold of Wisconsin voting against cloture,* and Republicans Olympia Snowe and Susan Collins, both of Maine, voted for cloture, with Specter not yet back in the Senate. Cantwell and Feingold are right here: They have been refused a vote on a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,1004,1020,978,985],"tags":[],"class_list":["post-189122","post","type-post","status-publish","format-standard","hentry","category-congress","category-finance","category-legislation","category-politics","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189122"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189122"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189122\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}