To show you why time is of the essence and why the majority can't get things done, here's the problem. John Boehner speaking in front of the banking associates predicts that the House and Senate will NEVER come to an agreement on the Financial Regulatory package and thus it will pass next year, when republicans get more seats: Boehner: House and Senate will never get together to pass Financial Regulatory Reform
So here's the republican strategy. As bright as day. They're delaying everything. They're making things more contentious. And their goal? They're making democrats trip over themselves and engage in fighting so that we never pass anything.
No bill is perfect. But do we honestly want Republicans in charge and dictating the terms of any financial regulatory bill? We're caught in an enormous catch-22. There could be a vote on imperfect legislation. If we fail to get nothing done, then people will say let's fight for it in the voting booth. How do we do that? When the party in power owns the WH, SENATE and HOUSE and you can't pass a bill, what does that say?
Before Boehner, ABA President Edward Yingling told bankers that the longer that the Senate lawmakers can't come to an agreement on the bank-reform bill, the more leverage Sen. Richard Shelby, R-Ala., the banking committee's ranking member, has to prompt concessions.
"Every day that passes gives more leverage to Shelby," Yingling told bankers.
The banking committee is concerned about the bill's intention to create an independent consumer financial protection division, with a presidentially appointed chairperson, within the Federal Reserve. They argue that bank regulators should continue to be responsible for protecting consumers as well as making sure financial institutions have sufficient capital. The proposed consumer unit would write rules for mortgages and credit card products.
This is bright as day. Republicans are actively working with the bankers to stop reform. I can't believe Boehner had the audacity to make this speech and for folks to care as if nothing would happen.
But we have a choice. We're not there yet, but we're going to have to make a determination. If we want Financial Reform, we have to compromise. If we don't, we're going to lose our ability to govern and THEN we'll get it stripped away from us.