Last Call on Financial Reform!

by Mary Bottari — June 23, 2010 - 3:58pm
  • Topics: Banking, BanksterUSA, Democracy, Real Economy Project
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    Last call on financial reformToday, U.S. Senator Blanche Lincoln (D-Arkansas) was dragged into a meeting with Senate Majority Leader Harry Reid (D-Nevada), Senate Banking Chairman Chris Dodd (D-Conn.), Speaker Nancy Pelosi (D-Calif.) and House Financial Services Chairman Barney Frank (D-Massachusetts). It was a pile-on to ask her to agree to weaken her strong derivatives reforms to accommodate Wall Street. Lincoln made it clear she was not pleased with the pressure. "There are some that are not as interested in being as aggressive in making sure that the possibilities of this financial crisis don’t happen again,” the Arkansas Democrat told Roll Call after the meeting. The issue of derivatives will be taken up tomorrow in the House-Senate Conference Committee which is pounding out the difference between the two bills. Will they adopt the Senate version (which covers 90% of derivatives, with a narrow exemption for legitimate end-users like municipal gas companies) or the House version (which is riddled with loopholes and covers only 60% of derivatives trading)?

    If you have time tomorrow morning for one last call, consider calling one of the Big Four in House and Senate leadership. Tell them nothing less that the Lincoln derivatives language (Sec. 716) will do! See the phone numbers below and if you would like to learn more please visit BanksterUSA today!

    1. Speaker of the House, Nancy Pelosi, (202) 225-0100
    2. Senator Majority Leader, Harry Reid (202) 224-3542
    3. Rep. Barney Frank, (202) 225-5931
    4. Senator Chris Dodd (202) 224-2823

    Also, tell Senator Lincoln to hang tough: (202) 224-4843

    Tell Senator Collins to stand by Lincoln: (202) 224-2523

    Tell Senator Snowe to stand by Lincoln: (202) 224-5344

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    financial reform

    Submitted by marveh o. (not verified) on April 7, 2011 - 12:41am.

    For common good? In a rare case of voluntary customer protection in the financial industry, Citi declared that it will change the way it clears checks in order to minimize overdraft protection charges. Financial reform restricts banks from providing over-limit protection for debit cards unless customers opt in, but the rules do not apply to checking accounts. Citi is checking itself from charging repeat over-limit fees simply by letting smaller checks clear before a larger one sends the account into negative territory. I read this here: Citi to give customers a break by clearing smallest checks first

    It seems that people forget

    Submitted by Anonymous (not verified) on June 30, 2010 - 12:02pm.

    It seems that people forget who got us into the economic mess in the first place - the banks and mortgage companies. It still appalls me that they are still trying to point fingers to the consumers saying it is their fault that they agreed to these ridiculous loans that they pushed. The housing and construction industry makes up about 30% of our economy. I really don't understand why the banks refuse to make new construction loans. I know the pendulum has swung in the opposite direction, but in order for our economy to really recover, they need to make those loans.

    It's amazing that after

    Submitted by Portland Cars (not verified) on June 28, 2010 - 4:24pm.

    It's amazing that after everything that has gone down over the past couple years that legislators still aren't willing to stand up to financial companies. It really doesn't surprise me that Republicans won't stand up to them, but the infighting among Democrats kind of blows my mind. What happend to doing what is best for the people and standing up to corporate interests?

    I wish that Dodd, Pelosi, and Barney Frank would actually show some leadership and not just bow to pressure from their corporate campaign contributors. Oh well, I guess there really isn't that much difference between political parties when they all get their money from the same place! Hopefully we'll see some reform with teeth in it, but somehow I doubt it!

    I acknowledge that financial

    Submitted by aomei (not verified) on June 28, 2010 - 8:27am.

    I acknowledge that financial reform has been done a long time, this is the right approach.

    Blanche Lincoln should not be pressurised too much

    Submitted by the SACOM group (not verified) on June 28, 2010 - 5:59am.

    Blanche Lincoln policies are better. lincoln should not be pressurised too much.. there is not such a financial crises happen at this time..
    it wont happen in future as well but let lincoln do her work

    When will it end?

    Submitted by Burnsville Chiropractors (not verified) on June 26, 2010 - 5:27pm.

    As a small business owner I just want to thank the people who report these things and keep us informed. I am usually too busy running my own business to worry about trying to keep up with who was dragged in front of what committee, but this is important and I am glad that you are getting this information out there.
    Pick up your phones and call your elected officials.

    I'm not convinced that politicians are right on this

    Submitted by Idol White (not verified) on June 26, 2010 - 11:57pm.

    Sorry, but it seems to me that Dodd and Frank are so deeply involved in already failing Freddie Mac and Fannie May, that I doubt they are capable to true reform. They are instrumental in creating some of this mess, yet they stand back and point their fingers at everyone else.

    I guess I'm losing faith in their effectiveness. Idol White

    Another Depression?

    Submitted by Anonymous (not verified) on June 25, 2010 - 8:25pm.

    Something needs to be done with the banking industry and wall street. We are rebounding from the last recession/depression too quickly. There are too many people still unemployed and the banks don't seem to want to lend to the common American any more.

    its the same all over the world

    Submitted by jeffdonovan (not verified) on June 25, 2010 - 11:42am.

    The case on corruption and reform is just the same all over the world! as long as there are corrupt people even on the lowest branch, there is now way reform will be achieved.

    financial reform?

    Submitted by Anonymous (not verified) on June 25, 2010 - 8:31am.

    I am a hard working American lived here all my life and just tried to refinance my mortgage and what a mess banks are. I talked with 4 banks on the phone to refi but each one denied my application. I have good equity about $50,000 but since I have ongoing work in the house they said I have to finish it before they give the loan? I never had this type of problem with the other 2 refi's in the past. Now it seems banks are only giving out loans to those of us who have the money as collateral. They also said they can't give the loan because my debts are a little high. I have been in the house by myself for 8 years paying everything myself and they said I am a risk? I am so mad at banks and I am hoping some of them go right out of business and I will still be in my house.