The Senate began trying to move forward on the legislation on Wednesday. They added an amendment to allow the government to “dismantle risky financial firms without bailing them out”. This was a strong attack on big banks. Republicans have a very different plan, they want to put limitations on the power that an agency for protecting consumers could have. They want the rules of the agency to be subject to approval by a banking regulator. The White House objected saying, "nothing more than a lobbyist-influenced defense of the status quo and an attempt to water down the consumer protections "nothing more than a lobbyist-influenced defense of the status quo and an attempt to water down the consumer protections". Some experts feel even more extremely, that it is a detriment to consumers as opposed to a help to consumers.
The main goal of the Democrats seems to be to break up the big banks. Many liberals feel that it is critical to do so. Some feel that big banks are greedy, and they are looking to take away the power that big banks have. They see this legislation as a big and rare opportunity to stop the greediness of the big banks. One way they propose to do this is by limiting their deposits and other liabilities.
Over all, it looks like the parties are having a hard time coming to an agreement on the course of action in the future concerning this legislation. Liberal democrats and conservative Republicans seem to have such extremely different points of view on what is to be done. As of now it seems unclear how they will be able to come to a compromise. As we see it, there will be a lot of sacrifice required on both ends for them to be able to meet in the middle. We will just have to wait and see how it goes.
For more information see- In These Times
No comments:
Post a Comment