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April 27, 2010

Meanwhile on Financial Regulation, the Party of "No" Offers...

Posted by The MaryHunter at April 27, 2010 5:28 PM

...actual solutions for financial regulation in the form of a 20-page outline aiming to address the root causes of the 2008 financial meltdown: subprime mortgages, Fannie Mae and Freddie Mac. The GOP plan would also place limits on government intrusion into financial markets and the lives of Americans.

The 20-page outline would prohibit the use of taxpayer funds to bail out failing financial giants of the future and impose federal regulation on many but not all trades of complex investments known as derivatives. It also calls for consumer protections that appear weaker than Democrats and the White House seek, and it would create new regulations on mortgage giants Fannie Mae and Freddie Mac.
The outline surfaced shortly before Senate Republicans united for the second straight day to block action on White House-backed legislation designed to prevent any recurrence of the ills that led to the economic calamity of 2008. The 57-41 vote left the measure three shy of the 60 needed to advance.

The likelihood of Republican legislation ever reaching the floor of either the Senate or the House this Congress is basically zero, so we'll have to wait until January 2011 for any sensible, pro-American bills to come up for a vote. Hopefully America can survive the wait.

Maybe there's hope after all for America.