Barney Frank (trying to hold up his pants) and Christopher Dodd emerge after an all nighter.
House, Senate leaders finalize details of sweeping financial overhaulI must stipulate that I'm no financial expert and I have no projections to offer as to how this legislation will effect the financial structure of the country. I do know that it contains a lot of govenment oversight and control.
Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.
The final and most arduous compromise began to fall into place just after midnight. Sen. Blanche Lincoln (D-Ark.) agreed to scale back a controversial provision that would have forced the nation's biggest banks to spin off their lucrative derivatives-dealing businesses.
The panel also reached accord on the "Volcker rule," named after former Federal Reserve chairman Paul Volcker. That measure would bar banks from trading with their own money, a practice known as proprietary trading.
Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing hours after they began Thursday morning.
That said, when Democrats stay up all night drafting legislation called a "sweeping financial overhaul", I become worried. And when I read:
Despite myriad changes in recent days, Democrats appear poised to deliver a final bill that largely reflects the administration's original blueprint unveiled almost precisely a year ago. ("almost precisely"??)I become very worried, but when I read:
"We've put in the hands of the president a very powerful set of tools for him to reassert American leadership in the world," Frank said.I begin to wonder just what the hell it is they are trying to foist upon us.
Remember when Nancy Pelosi said of the Health Care overhaul; "We have to pass the bill so you can find out what is in it"? Well, here's Christopher Dodd on the 2,000 page financial overhaul crafted last night:
"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."This is becoming a disturbing theme with Democrats; we really don't know how it's going to work until it's in place, but it's something that we've needed for a long time. What could go wrong?
Yeah, I've got a real bad feeling about this.