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House Passes New Financial Industry Power Grab with CBC Payoffs
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I noted Barney Frank’s cave-in to CBC demands for a $6 billion payoff on the House Dems’ financial industry power grab yesterday.

Well, the “reform” package passed this afternoon 223-202 with all Republicans and 27 Democrats voting no.

The roll call vote is here.

Democrat Rep. Barney Frank’s counterpart in the Senate, corruptocrat Sen. Chris Dodd, is shepherding a parallel version of the banking “reform” package on the other side of the Hill:

In the Senate, Banking Committee Chairman Christopher Dodd last month released a draft that departed from Obama’s proposal. His plan called for a single bank regulator, stripping the Federal Reserve and Federal Deposit Insurance Corp. of bank oversight powers and eliminating the Treasury Department’s Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Republicans rejected the plan as making permanent taxpayer- funded bailouts and objected to Dodd’s proposed Consumer Financial Protection Agency.

In response, Dodd asked lawmakers to form four groups with two lawmakers from each party to devise a compromise measure. Senators are negotiating provisions of the legislation, including executive pay, derivatives, corporate governance, systemic risk and resolution authority. No bill has yet been introduced.

(Republished from by permission of author or representative)
• Category: Ideology • Tags: Chris Dodd, Politics, Race Hustlers, Subprime crisis