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Dems Drop $19B Bank Fee from Finance Reform Bill

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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:38 AM
Original message
Dems Drop $19B Bank Fee from Finance Reform Bill
Source: CBS News/AP

GOP Threat Forces House, Senate Negotiators to Abandon Measure Meant to Pay for Legislation

(CBS/AP) Top Democratic negotiators from the U.S. House of Representatives and the Senate who worked out a deal on a sweeping overhaul of financial regulations regrouped Tuesday to eliminate a $19 billion fee on banks that had threatened to derail the legislation.

Eager to salvage one of President Obama's legislative priorities, lawmakers replaced the bank fee with budget adjustments involving the $700 billion bank bailout and increased premiums on bank deposit insurance.

The bill's fate was thrown into doubt this week after the death of Democratic Sen. Robert Byrd and after Republican Sen. Scott Brown vowed to abandon his support for the bill if it should retain the assessment on large banks and hedge funds. The money would be used to pay for the costs of the legislation.

"Taxpayers will never again be on the hook for paying for the costs of any future bank failures," a Democratic aide vowed to CBS News.

Read more: http://www.cbsnews.com/stories/2010/06/30/politics/main...
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WI_DEM Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:46 AM
Response to Original message
1. And it was weakened because Sen. Feingold decided he would support a GOP filibuster
because the bill wasn't 100% to his liking, well, now it's even weaker.
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global1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:14 AM
Response to Reply #1
3. Thank You Senator Feingold - And I Used To Respect You.....nt
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totodeinhere Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:43 AM
Response to Reply #3
7. Senator Feingold is against the bill because it doesn't go far enough, not the other way around.
He is a man of integrity who cannot be bought off. I still respect him.
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David__77 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:39 AM
Response to Reply #1
6. When do you decide evil is just evil?
Sometimes it's better to let a house of cards fall than to jury rig it. I don't know enough to say definitely, and have no opinion - I'm just postulating.
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pocoloco Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:17 PM
Response to Reply #1
11. WTF?
It's OK for the repugs to stand for their principles,

and you want Dems to wimp out on theirs??

Well, you are in luck because most of them do!
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inna Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 01:11 PM
Response to Reply #11
14. +1 and thank you!
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Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:56 AM
Response to Original message
2. How dare the government expect the banks to pay the fees for the disaster they implemented!
This is America, dammit! Not some commie country.

:sarcasm:
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:48 AM
Response to Reply #2
8. Especially when the fees are 2% of what they already got!
Dammit! How do they expect companies to maintain their current overall 37% profit margins (the largest in the history of the country!) if we want 2 cents back on every dollar we gave them??!!

Think, man, think!
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:33 AM
Response to Original message
4. Recommend
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Pab Sungenis Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:33 AM
Response to Original message
5. Amend the bill to add reconciliation language
then put the fee back through a reconciliation vote afterward.
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Zorra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:50 AM
Response to Original message
9. Massachussetts really f'd up when they elected Corporate Brown. nt
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sulphurdunn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:04 PM
Response to Original message
10. The real beauty
of the undemocratic 60 vote senate filibuster threat is that it leaves real power in the hands of the Republicans and gives DINOs cover to negotiate away progressive legislation they would otherwise be compelled to vote against.
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OswegoAtheist Donating Member (440 posts) Send PM | Profile | Ignore Wed Jun-30-10 12:49 PM
Response to Original message
12. Way to cave!
I'm sure Brown was laughing in his sleeve at the thought that Dems really believed he'd vote for this bill with just a bit of tweaking. We've paid 19B to the banks for absolutely no more votes.

Oswego "Kill the filibuster" Atheist
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Bragi Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:54 PM
Response to Original message
13. I know, remove the moratorium on deepwater drilling
Then the oil companies can resume drilling right away, and the repubs will support financial reform, at least until it comes to a vote.

That's the ticket!
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inna Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 01:13 PM
Response to Original message
15. what an obscenity. shameful. beyond disgusting.

x(
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