Reply #11: The Plumline: Franken, Feingold Sign On to big-bank-busting measure, bringing total to 11 senators

[flpoljunkie]

Franken, Feingold sign on to big-bank-busting measure, bringing total to 11 Senators

Okay, I've got more signs for you that Senate liberals may be gaining momentum with their efforts to toughen up financial reg reform.

Senators Al Franken and Russ Feingold have signed on to an amendment to FinReg -- being pushed hard by liberal Senators -- to break up the country's biggest banks by capping their desposits and limiting other liabilities.

That brings the total number of Senators backing this approach -- which is not supported by the White House -- to 11. It's still unclear whether the amendment will get a vote, but the mounting support could up the pressure for one.

Senator Franken's office confirms to me that he's now on board with the proposal. Feingold gave a speech on the Senate floor moments ago coming out in support of it, too.

This approach, which is the handiwork of senators Sherrod Brown and Ted Kaufman, is a serious challenge to Wall Street and represents an ambitious effort to rein in the power of the biggest banks and limit their destructive potential.

more...

By Greg Sargent
May 6, 2010

http://voices.washingtonpost.com/plum-line/2010/05/franken_feingold_sign_on_to_to.html