Crucial financial regulations go to Senate to die

Well over a year since we faced the very real possibility that our economy could collapse, the House has finally passed major new regulations on the financial industry. Among other things, the bill will add new regulations on subprime mortgages, hedge funds, and derivatives; create a rescue fund that is funded by the financial industry instead of taxpayers; and establish a Consumer Financial Protection Agency which will be charged with performing the oversight functions that the Fed refused to.

I don’t know why this surprises me anymore, but the bill did not receive a single Republican vote. It seems impossible to me that not a single Republican thinks we need to prevent an economic calamity like the one we just experienced from happening again. More likely, they’ve just simply stopped reading the bills at all and are now just reflexively voting against any bill sponsored by a Democrat.

The bill now goes to the Senate, also known as Where Good Bills Go to Die. A lot of good has been done in the House this year that has abruptly hit a wall in the Senate, a body that in theory is involved in the legislative process, but in practice simply never passes anything.

37 Responses to “Crucial financial regulations go to Senate to die”


  • More likely, they’ve just simply stopped reading the bills at all and are now just reflexively voting against any bill sponsored by a Democrat.

    Or perhaps it is the opposite. Perhaps the devil is in the details, and by reading the bills they arrive at the conclusion that they can't support this.

    On the face of it, I can certainly get on board with a bill that "protects consumers from aggressive subprime lending" as I heard it described. Of course. No brainer. If it was that simple, it would be easy. But there is always more to it than that. What does this agency look like? How much power does it have today, and how much potential power is reserved for it in the future? What will it cost and where does the money come from? Do the finer points of the bill include a bunch of random add-ons that merit debate on their own, and have no business being here?

    Those are the questions I expect my Congressman's staffers to answer, and in my case (can't speak for everyone) I believe they do just that.

    • Clearly, the republican caucus is interested in only one thing. Obstructing progress.

      • Let me remind you that all you need is the support of two Independents to pass legislation all day long. Or the support of one Independent and one very moderate Republican (Snowe). You get the picture.

        The problem is with the legislation.

  • Bring an agenda with a spec of centrist ideas and you will get enough support to pass you bills. Bring legislation that only the radical left would like and you’ll get resistance. Simple.

  • Nothing is what it seems when it comes out of either party. I agree that who votes for what is based almost entirely on politics and not merit. Where people get screwed up is that they think Democrats are somehow better for "the little guy" than Republicans. Obama basically has Goldman Sacks running the economy given the make up of his financial team. The devil is in the details as far as regulation is concerned. They can be written to advance any agenda while looking like something completely different. Think Patriot Act. These regulations are no different than any other. They are written by the some group being regulated in hopes of socializing risk and focusing rewards. Obama will talk tough while knowing none of it will ever be more than talk. He can sound to progressives like he is trying while rewarding his big donors and the cohorts of his financial team. Just like the idea of "Change" is nothing more than cover for as bad as the last guy. It is nothing but Kabuki theater meant to distract and pacify.

    http://www.rollingstone.com/politics/story/312346...

  • Man, this site just cracks me up more and more everyday.

    Climategate emails and code leak, mnpublius response? The science is settled, Republicans are anti-science obstructionists.

    Report after report shows the stimulus as a misguided failure, mnpublius response? The stimulus worked, the Republicans are liars and are blocking another one.

    Poll after poll shows approval for current legislation trending negative, mnpublius response? The people want this, the Republicans minorities are stopping it.

    HHS Reports that Senate bill will actually raise healthcare costs, mnpublius response? This will lower the defecit, Republicans are obstructionist liars.

    Clearly the progressive left represented here at MNPublius view any dissenting opinion as lies unworthy of comment and anyone opposing their agenda as Republican tools. With any luck, by the time the next election comes around, all the americans that oppose what you progressives stand for will view themseves that way too. You know the old addage about repeating a lie enough… Keep up the good work.

    • "Man, this site just cracks me up more and more everyday. "

      You have to admit thought that it's an excellent place for right-wingers to troll since it opposes their political orthodoxy and they apparently just cannot tolerate that.

      • Um. Right. We have so much trouble tolerating challenges to our "orthodoxy" that we seek them out everyday? You really have a hard time applying logic to your thoughts don't you.

        Tell me, how many right or even center right websites do you read and comment on regularly?

  • You guys have 60 seats in the senate, a president from your party, and a solid majority in the House. Tell me again how a lack of action is anything but the Democrats fault?

    • Because you're relying on every single Democrat to walk lockstep together. Every single one.
      That kind of action happened under Bush and the Republican reign and look where it led us- two unfunded wars, tax cuts for the rich, destruction of the economy and almost the middle class itself.

      Even now, they still do their NO vote in lock step. Are the constituents of every Republican district of like mind? I already know they look alike and are uneducated for the most part but, do they really have this mono-thought over congressional priorities?
      Of course not, or you wouldn't have many of them running around trying to take credit for certain stimulus projects they voted against.

      • I love it…you guys have nothing but trashing Bush. Worked well in New Jersey and Virginia…why not keep it up?

  • Man, this site just cracks me up more and more everyday.
    Gee, I wonder why. People who just don't confirm to whatever they can prove by looking out of their window or asking the guy on the barstool next to them?

    Climategate emails and code leak, mnpublius response? The science is settled, Republicans are anti-science obstructionists.
    The science is settled. The earth is warming. And your climategate emails have all finally been read and the AP writes its nothing and shows internal rivalry and does not dispute the solid science and facts behind global warming.
    http://www.bostonherald.com/business/general/view...
    LONDON — E-mails stolen from climate scientists show they stonewalled skeptics and discussed hiding data — but the messages don’t support claims that the science of global warming was faked, according to an exhaustive review by The Associated Press.

    Report after report shows the stimulus as a misguided failure, mnpublius response? The stimulus worked, the Republicans are liars and are blocking another one.
    You're blaming MNPublius for again, stating fact.

    Most economists agree that the recession is over and stimulus worked. . One year ago, Bush was running around warning us about the next depression. The evidence shows the stimulus wasn't big enough.

    Poll after poll shows approval for current legislation trending negative, mnpublius response? The people want this, the Republicans minorities are stopping it.

    Well, if you give specific legislation I'll enlighten you. Until then, I'll just let you continue on lying.

    HHS Reports that Senate bill will actually raise healthcare costs, mnpublius response? This will lower the defecit, Republicans are obstructionist liars.

    No. Health Insurance companies threaten to raise costs if there is reform. I'm sure you're fine with the status quo.

    Clearly the progressive left represented here at MNPublius view any dissenting opinion as lies unworthy of comment and anyone opposing their agenda as Republican tools. With any luck, by the time the next election comes around, all the americans that oppose what you progressives stand for will view themseves that way too. You know the old addage about repeating a lie enough… Keep up the good work.

    No we're just opposed to mindless drivel that is backed up by conservative emotions and feelings of inadequacy and collectively as losers. They propose no solutions and have only a no vote to offer at $170,000/yr.
    The American voted for someone who promised to ramp up the war in Iraq and support universal health care, green economy investments, address climate change and to reform the way banks do business. He kicked the ass of the guy who was promising tax cuts for the rich and closed borders.

    The American people already know the republican cannot craft solutions to address complex problem.

    • Good extra effort there. The current legislation I was reffering to was of course the healthcare legislation in the senate.
      Here are some links in response:
      Settled science: The ap reviewed the emails that were leaked, not the code and programming notes that were also leaked. For that you need to read the Harry Read Me file. Or you could read some highlights like this: http://wattsupwiththat.com/2009/11/25/climategate...

      So basically your science will only be settled once you've gone back and made sure that all of the scientists you site have proven that none of their data relied on CRU or Globus Toolkit data. But don't feel bad, the ap focused on the emails and not the data so how were you to know.

    • Stimulus: http://www.nytimes.com/2009/12/13/business/econom...
      A success would have been delivering on what the stimulus was promised to deliver but even setting your standards somewhere below that you'd be hard pressed to call it anything near a success. But if you think you can, you just run on the success of the stimulus.

      Healthcare: http://latimesblogs.latimes.com/washington/2009/1...
      Those lying republicans at the LA Times reporting on how the HHS has concluded that the senate bill will actually drive costs up.

      Sure, the CBO says it could be defecit neutral if you pols start charging now and start delivering services in 5 years. You'll have to tell me when they'll be making the cuts to medicare. Can you tell me by the way? And how much are they supposed to cut to fit the cbo's projections? Does it matter to you?

      • The deficit neutrality of the healthcare bill is a complete smokescreen. That would be like me saying that my family is going to start spending $1,000 more a month, but I'm actually saving money because I convinced my employer to give me an $1,100 a month raise. Don't worry about how that $1,000 is being spent. It is no longer relevant because I make even more.

        Actually, that is a bad analogy because the family actually has to go and earn that raise, not simply force the employer to give it to them.

      • "Stimulus: http://www.nytimes.com/2009/12/13/business/econom...
        A success would have been delivering on what the stimulus was promised to deliver but even setting your standards somewhere below that you'd be hard pressed to call it anything near a success. But if you think you can, you just run on the success of the stimulus.

        Healthcare: http://latimesblogs.latimes.com/washington/2009/1...
        Those lying republicans at the LA Times reporting on how the HHS has concluded that the senate bill will actually drive costs up. "

        These are opinion articles, Lloyd. Why do you even try when you can't identify fact from opinion? Rational people back up opinion with fact, not other opinion ("I believe (my opinion is) X because (fact) Y"), whereas your approach is "I believe X because someone else believes X". Big deal: you found someone with the same opinion as you: cite it all you want, it's completely irrelevant.

    • "The American voted for someone who promised to ramp up the war in Iraq and support universal health care, green economy investments, address climate change and to reform the way banks do business. He kicked the ass of the guy who was promising tax cuts for the rich and closed borders. "_

      So now Obama ran on escalating the war in Iraq? HA. Really? That must be a typo.

      As for the rest, you have a point, my point is, now that the people know that this is what you meant by all that wonderful sounding stuff, they dont want anything to do with it.

      • That was a typo. Its Afghanistan he made the promise about.
        The polls show people are tepid, not regretful for the direction we're going into.

    • RE Stimulus. How much do you want to bet the WH counts the jobs Dick Durbin promised Illinois for bringing Gitmo prisoners there.

      I really really really want to see the Democrats brag about all the high paying prison jobs they've created by bringing all of our battlefied captures to the United States. If the world doesn't was us to be a super power any more, perhaps they'll like us as Super Cop.

  • This problem appears to have a ridiculously simple solution:

    When the regulations were in place, the farmer was guarding the hen house, i.e. things were hunky dory.

    When the regulations were removed, the fox took over guard duty, i.e. things went to sh!t.

    Solution: Reinstate the regulations we had before!

    I don't know if the bill mentioned here does that or not. If it does, it's a no-brainer, and anybody opposed to it is in the pocket of the robber barons. If it doesn't, then fix it so it does. Simple.

    • Pete, I have to agree with you.

      In fact, we were able to regulate this stuff before without setting up another agency to "oversee" it. We all know that once these agencies are setup, there are thousands of reasons why they can never be discontinued or scaled back.

      Simply going back to prior regulation that appeared to work is probably the simpler, cheaper, and faster way to where we want to go.

      • I agree. Problem is its been a 30 year slow unravel of the regulations. To re-up it in one year may be too drastic. So, it has to be done in steps with the most obvious failures addressed first.

  • Publius Says: It seems impossible to me that not a single Republican thinks we need to prevent an economic calamity like the one we just experienced from happening again.

    That sounds like a my way or the highway approach. In every piece of major legislation in this Congressional session, stimulus, health care, climate change and financial regulation, the Dems have not allowed input in commitee by Republicans, amendments or any other meaningful input into the process. Then when no Republicans vote for these bills, libs like you complain that Republicans don't care about the issue. It's not that they don't care, they just have different solutions and none of their ideas are being included.

    Elections mean something and we lost the last one. However, we will not take the blame for the wrong track this country is now on. That one is all on you.

    • Politico is reporting that Obama wants Reid to cut a deal with Leiberman for his vote but Reid is too pissed that he "defected" and will not too it.

      Sounds a little like Marty Siefert's behavior in 2008.

    • They don't even let the dems outside of leadership in on a lot of this. Weren't they reporting that the senate #2 hasn't even seen what Harry is pressing for a vote on? How dare people vote "no" on something they haven't read yet!!!

      The whole thing is falling apart and good riddance.

      • "Weren't they reporting that the senate #2 hasn't even seen what Harry is pressing for a vote on? "

        Who's "they"?

  • Lets hope the liberals punish Lieberman. That will send the appropriate message to independent voters!

    • Agreed. The message needs to be sent loud and clear: You either agree with us, or you agree with them. It is black and white. No shades of gray.

      • You guys are soooo full of shXt. *Any* sign of discipline is TOTALITARIANISM or NAZIISM. Do you EVER get tired of the endless stream of sheer idiocy you put out? As you know, the health care bill has been GREATLY changed in large part to appease moderates. Despite your well-practiced moronism, the fact is that significant non-liberal input has had a real impact on shaping this legislation. If you really want to have a meaningful dialogue, try tethering your comments at least somewhat loosely to reality. Otherwise, we can waste time poking very, very obvious holes in the conservative fantasy-land you so unsuccessfully try to peddle.

    • And we thought we were going to be rid of George Bush and his simplistic cowboy mentality.

  • I have not been able to find center right or right wing blogs that are reality based with well informed, intelligent commentary. Can you suggest any?

  • "Tell me, how many right or even center right websites do you read and comment on regularly? "

    I read WSJ daily and The Economist monthly. Good try, Lloyd- instead of making things up about people, maybe you should try facts next time…if only for novelty's sake.

  • It would appear that that was an attempt at a dig but it once again begs the question of who is more willing to have their beliefs questioned. To me MNPublius fails on all counts save for the intelligence part. MNPublius is niether reality based, nor well informed because MNPublius, like you, refuse to leave your circle of misinformation.

  • ctd…
    On the of hand chance you were sincere, instapundit has one of the freshest news aggregations I've ever seen. Picture an 89.3 the current DJ approach to the interent. It's a simple format that provides a list of briefly introduced commentary snippets from around the internet(left and right - though admittedly most are links to blogs responding to some leftist blog but that link will be provided for you to hear both sides) and the topics range from techno and adult alternative music, gadgets, science and physics, technoloy and ai and political philosophy.

    Powerline can be good but I don't get their comments, hugh hewitt was good but I don't know where his comments went. Honestly, the internicene fighting at some righty sites would make you laugh out loud. Sometimes it's petty bs stuff like "Romney's a mormon" but often it's as principled as it is vicious. I write occasionally at TruthVMachine.com but the site isn't heavily trafficed for whatever reaon. (I think it could use an update - I love the style of this blog,)

  • What did I make up mr thin skin? Not sure I would count the economist unless you mean center right in a Christopher Buckley way but for the sake of argument lets say the answer is 2. So you claim I don't tolerate view points that challenge my orthodoxy despite me coming here regularly when the WSJ and the Economist are as challenged as you're willing to be.

    Fair enough. If that's your point of view that's your point of view. I was just asking,

  • More to the point, I found people in the LA Times and the New York times with opinions that differ from yours. If there were truly a consensus that your "facts" (produced where btw) were in fact "facts" then why would two center-left (at best) publications be so willing to give voice to illegitimate voices?

    Would you like direct links to the HHS report? Or would that just be more opinion. If so, then how could a cbo report be taken as fact? Whatever, keep making all those angels stand on the head of a pin if you think that will work for you. What matters is the voters (your parties traditional voters) that are starting to get the message while you ignore it. That's the part I'm loving.

  • Glass-Steagel being at the top of the list.

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